Good points. If CVN eventually sell out I think the window for offshore O&G exploration will be closing given the long lead times. If (and that's a big if) they sell the balance of permits (ignoring Pavo is 20% interest vs 10% in Dorado post current divestment) and FID finalised then cash should be around AUD500m. Based on 1.8bn shares that's around 28c per share. Upside is extra 10% for Pavo.
That's back of the envelope numbers and very very rough. Not sure there is any tax payable given previous exploration expenditure. Plenty to think about there given current SP is 12c.
Ann: Corporate Presentation, page-10
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