Dorado / Santos Sell Down, page-12

So if we assume CAPEX is included in the USD$1bn (assume USD as most oilers talk in USD) then deduct CAPEX of $US400m (20% of US$2bn advised by Santos) to get net investment of US$600m. With 1.56bn shares on issue that make the equivalent 20% CVN share worth US38.5c. At say exchange rate of 0.7500 that means CVN's 20% is worth around A50c. Makes the alternative of taking out CVN a compelling case given the cash, Buffalo, Apus, Pavo potential etc. Perhaps there's more data required or the US$1bn is not correct but I'm excited.