Ann: CVN Corporate Presentation , page-2

There are at least 2 areas that CVN have given us some fairly good pointers on:

1. The Phoenix farm outs.
They suggest that CVN will likely try to retain "a meaningful 25% (approx)share ,post-farm out".
This is not a free-carried 25% interest into perpetuity-it is an overall ,ongoing,25% interest(v.50%), with a free carry interest for a while followed by a contribution of an expected 25% of drilling etc.costs thereafter.
Its not the 25% that is interesting,per se, but the willingness to undertake to stay in the partnership for the long haul if others will front up for the early drilling costs. Its a fairly defensive position that should work well for CVN,if others will wear it.
You could argue the figures till the cows come home without coming to any real conclusion but at least you can see CVNs confidence in the prospect is probably at a high level and that they are not looking to extract any cash now and,further, they consider that the CVN ship is robust enough to stand some substantial prospective drilling costs down the track a bit.
Then there could be a lot of posturing on cvns part.Who knows.Roll on the 3rd quarter-only 2 months before it starts and for a piddling $6m its a mighty punt