Chairs Letter, page-7

Interesting stuff about FPSO for Dorado. Leasing will reduce CAPEX by 50% so if $2bn Dorado CAPEX number is still current (as per both CVN and STO) then total CAPEX is $1b so CVN share is $200m. My very rough cash flow calculations for Buffalo (even assuming ADV take their 50% in exchange for payment of CAPEX) suggest that if it's in production by 2023 the cash flow will go a long way to covering CVN share of Dorado CAPEX (start say 2024 for first production 2026?). Timing may be tight but banks may be able to fill the temporary gap.

Hypothetically if Buffalo is a fizzer $200m CAPEX for CVN share of Dorado is also manageable from existing cash and keen lenders.

Happy to be corrected. Big assumption in the above numbers is the Dorado FPSO was included in the $2bn CAPEX number and not leased.