Ann: Corporate Presentation, page-8

I recall some long lead time CAPEX items for Buffalo are already under way so I think they're moving as fast as possible. These are big projects that have to be done properly. Rushing it is a recipe for disaster.

Cash flow from Buffalo will go a long way to funding Dorado CAPEX. That's a real positive. There are plenty of banks keen to lend on Dorado so IMO a CR is a low probability. That's unless Apus and/or Pavo hit another mother load in the prolific Caley. Then a few more wells will be required to prove them up. At a guess 3 per site maximum at A$5m each (CVN 20%/30%). That's $30m which IMO is within balance sheet capacity.

If Advance deal happens and/or B10 is a gusher CVN will only need to stuff the cash into its bank account until Dorado et al.

Good to see the significant gas element of Dorado etc now being talked about. There's a lot there and more from Apus and Pavo should bring it into the realms of scale and hence more viable.