Ann: Reserves Update , page-7

aws,

If you can bag the profit from the revenue stream in advance always going to be better and less risky.

Even better if someone is paying you more than the future expected profits for that revenue stream

CVN has not realised any profit from that revenue stream. If they did in future then to use your argument management would likely just squander it on lunches and office rent etc. At least with a big lump of cash into the bank from a sale they have to spend it on other things - too much for lunch money - even in West Perth. Might even return some to us if its not needed for Phoenix development.

EL