Ann: Pavo-1 and Apus-1 Drilling Update, page-64

My main concern is funding for Dorado. Buffalo cash flow was to be a great early funding source. CVN CAPEX share is around US$400m (AUD 530m) and Captain Cook missed his KPI when only around 50% (?) indicative funding reached last year. Hopefully CC will get his skates on but AUD 530m is a big ask for a company with MV of AUD450m. The dreaded CR words may come back to haunt us. What really annoys me is Dorado's prolific cash flows in just years 1 and 2 of production will repay CAPEX plus heaps more for us. Then there's the next 8 years or so of prolific cash flows and this excludes potential of Apus and Pavo and the many other exciting prospects in the basin.

IMHO CC was smart enough to bring in Advance on B10 and keep his powder dry for the main game of Dorado. After all Dorado is virtually in the bag. Buffalo was just a theory.