Ann: Annual Report to Shareholders, page-5

It has a smaller area (6 sqkm), higher relief (220m). They havent defined a P50 Resource for it yet. Will happen when they can mature it to a drillable target.

2C is 85mmboe for Bedout, 31 for Buffalo. risked resource is 332.7mil.

Apply USD 5/boe, 2 & 0.50 to the above at 69c forex & divide by 1563m SOI plus cash of 133mil/1562m. THat's the value
Value for Buffalo will change when they announce a partner & from drill results so till then assume a low metric.
Dorado should get a higher value closer to FID given its location, proximity etc etc.

From a spending's perspective, $2.703mil received from the Insurance claim for PS2. Total spent on last 4 wells (not including D3 yet) was AUD38.129m net.

Cumulative explr/eval expenditure is AUD 88.869 mil till date (after the A$10.104m write-off for Outtrim costs). Add another ~15mil to that for the half-yearly report in 2020. Sept end cash balance A$133mil.

Project that net A$88.869 mil to a 100% basis for PS#1,2,3, R#1,2, D#1,D2 & RS1.
CVN managed this without massive dilution, i.e from 987mil to 1563mil alongwith Thai asset sale.

Compare that with another operator who've spent apprx A$142mil on 12 wells & diluted from 2499 to 6280mil shares from 2014-2019. It's always a challenge to raise cash for Junior Explorers with no cashflow, I suppose that's the nature of the Industry.

There should b farm-out news for Buffalo with Drilling scheduled for 9 mnths thereafter. Would like to see this fast-tracked if possible, depending on what they can negotiate with a farm-in partner.