No way CVN carries this through to development at 100% equity. My understanding is that in the oil/gas game, its about spreading & managing risk.
If CVN put all its eggs in this basket (which would be a huge financial investment burden for a $100mil company) and then some of any number of assumptions fail to materialize in terms of delivering a return on that investment, it's eggs are cooked.
Farm out coming for sure.
All imho. DYOR
Ann: Buffalo Project Update, page-15
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