Reserve based traditional debt finance works on the amount of 2p reserves the company has booked at the time of financing. (At a % LVR)With CVN that is only the 10% holding of the Dorado 2p reserves. The pavo nth find is not 2p yet only 2c as confirmed by CVN in today's release therefore a successful appraisal well must be drilled probably before the financing and FID to convert to 2p reserves and enable greater amount of traditional reserves based debt financing."The Pavo-1 well discovered 43 million barrels (2C, gross) (refer to ASX announcement on 2 May 2022) of oilwhich is currently being recognized as a contingent resource."
Reserve based traditional debt finance works on the amount of 2p...
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