There is not that much money in the refinery. If CVI earned the...

There is not that much money in the refinery.

If CVI earned the margins Caltex make, they would earn 2.5 cents EPS.

100,000 barrels a day at $10 profit a barrel (current Caltex margin) = $350M annual EBITDA for the refinery. CVI will receive $21M EBITDA or 2.5 cents EPS.

However, it is the off-shore and on-shore oil that has the huge upside.

The major players in Angola are producing rates such as 700000 barrels a day.

They why we are holding, hoping CVI leases are as productive or similar.