Ann: Corporate Presentation, page-6

Growth would require cash and in the energy business that means bucketloads. Dorado and Pavo will consume all current cash plus some more. Debt funding prospects are good ATM. Cash payback from my calculations Dorado is between 1-2 years. First oil around 2026 is OK by me. I'm not a seller. If fact I've got more orders out to top up.

Management is prudent and careful. We don't want them to shoot for the moon and fly too close to the sun (apologies for the mixed metaphors). Most here and I'd suggest most shareholders are happy with management, what they have achieved and the pathway ahead. STO haas the handbrake on development and there is not much, if anything, CVN can do about this. Some aren't happy with management and I recommend they just move on.

Compared to where the company was say 15 years ago it is light years ahead. Read growth. My only concern is the long term demand for oil. The window is closing but IMO there is plenty of time to get it out of the ground and sold to an eager Asian market. It's light sweet crude. The best around for those industries that don't have substitutes yet ie airplanes. CVN is a bottom drawer stock and only takes up <5% of my portfolio. It's money I can lose. Others may be betting the house and all I can say is I had a client (in a previous life) who did this. He lost the lot and went to jail for 7 years. A good early lesson for me.