Does anyone have any intel on what the current Capex estimate for the Dorado development is ? CVN appear to have about 4300 million in cash lined up assuming the divestment of 10% to CPC concludes. If they still need further cash from debt to finance their residual 10% interest this would imply a capex number for the project in excess of $3 billion whereas I seem to recall not so long ago that the number was closer to $2 Billion.
About a year ago Mac Quarie valued CVNs exploration assets at 8 cents per share so the market appears to be currently valuing our residual interest in the Dorado project at about $70 million compared to the $220 million that CPC are paying for a slightly smaller interest.
Given these numbers it baffles me why CVN arent doing a share buyback right now!
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