Ann: Corporate Presentation - Pavo Discovery, page-98

i've had this thought myself... and decided that i'd back a CR over equity sale.

once the CR is done and dorado is producing, and then pavo, and then apus and then the gas, all future discoveries will be funded from cashflows and continue to earn the 20-30% equity in a basin with 100 prospective targets.

if we sell equity today to fund dorado development, all future discoveries will still be funded by cashflows, but will earn the reduced equity percentage.

two assumptions in my reasoning:
1. that there are more discoveries... but given successful results at dorado and pavo, and hopefully apus, the likely hood that the modelling is robust across the entire basin increases significantly, and
2. that CVN doesn't get taken over before then.