Nearly 3.5 months and no more information?, page-18

Discovery,

Cash doesn't always act as a floor, but seldom trade much below cash backing.

The main risk with using cash backing is the cash burn rate. In this case with the drilling of Roc covered I believe the rate reasonably slow for now, and plenty of bang for buck as it does get burnt.

I doubt any one is going to get CVN a whole lot cheaper, until and unless the well after Roc is drilled and both turn out to be dusters. Even with the current poo success at Roc would almost certainly be a company maker for CVN, so until then a lot of potential reward for the cash burn.

EL