Conclusion “We believe that post the drilling results at Roc and...

Conclusion

“We believe that post the drilling results at Roc and Phoenix South, there is likely to be a commercial development in the Bedout Sub-basin. Future testing at Phoenix South and exploration at Dorado will determine the size, timing and value of the development. CVN remains to a certain degree hostage to Quadrants plans for the gas, but we believe it is towards the top of Quadrants queue to develop. Given the continued gas shortage in WA, we expect a major gas user to be interested in acquiring CVN’s equity interest in the development (when it is adequately de-risked). This will remove any concerns about how CVN can fund a development.”