Ann: Dorado Project Update, page-22

My memory is not the best these days as I slip into obsurity. My spreadsheet guestimate of 40c for CVN share of Dorado was based on its original 20% interest before 10% sale to CPC so I'm not far off the mark although there are a lot of moving parts to this.

Also it looks like near term drilling of Pavo South is off the table due to lack of rigs. Hopefully they will locate one and line it up for post initial production with the rivers of gold funding it. With STO's stretched balance sheet (but a solid one) this seems logical. No massive all out drilling and pumping seems likely with a gradual staged develop of pumping oil from smaller FPSO, drilling extra Dorado and Pavo North wells, pumping Pavo North, exploration (So much potential), then gas phase seems like the plan. We'll be here for a while although the likelihood of a sale by CVN or CVN in total. I'd like to see a sale of say another 5% and keep a 5%-15% stake and keep exploration potential alive while keeping expensive CAPEX to a minimum. It would retain CVN's DNA as an explorer alive. Although I think Rusty will sell the lot and I'm reluctantly OK with that. Patience required but so exciting.