Ann: Dorado Project Update, page-41

I've been adding to my CVN holding recently with the price weakness. I acknowledge that CVN has been a disappointment for many investors given the stalled development of Dorado and the poor long term share price performance. I've been fortunate to take profits over the journey. The reason I am adding again is simply that when I look at possible investments IMO it is difficult to find a more compelling risk versus reward scenario than CVN. Its Enterprise Value is largely underwritten by cash held and the Taiwanese commitment to pay a portion of CVN's share of capital expenditure at Dorado. CVN retains 10% equity in Dorado which is largely not reflected in the current Enterprise value. And Dorado is an identified, high quality, quantified oil/gas resource - it's not an exploration play hoping to strike oil or gas!

IMO, CVN at the current price is one of those rare investment opportunities that presents itself when the market gets it wrong - in this case the market is impatient and has largely lost interest since CVN is beholden to STO re the development of Dorado and STO currently seems to be dragging its heels with FID.

Therein lies the opportunity IMO.

GLTA & DYOR