News: CVN Carnarvon Energy Will Issue 234.8 Million New Shares At A$0.30 Per Share, page-66

The way STO has its 80% share split her is 60/20 betwn Santos NW & Santos SW. So mayb they could let go of the smaller portion alongwith some equity from CVN. A major would not want a small portion, so 25% atleast if not more, would get the ball rolling. When FID happens, the JV will have to lodge a Production License for the 4 sub blocks under Dorado Production Area.

Left field scenario would b CVN selling out of Bedout.

For that to happen their Net Risked Share of 127 mmboe (refer the table on the last few slides multiply the net numbers by the CoS) x USD3-5/boe would b good enough for them, with a Milestone bonus payment on first Oil in 2025. Amount of Royalty beneficiaries from Dorado is mind boggling mainly due to mixup from Quadr'nt, Macq'r, Brookfield etc & Other Family Trustees who all will see monies trickle in from the Dorado Cash-cow in years to come !!

CVN could take the cash & focus on any other Acreage or the Bio-Diesel or Wood Vinegar gig which seems 2b taking up a handful of slides these days in their Presentations. 11 wells (3 at Ph-Sth, 3 at Roc, 3 Dorado's, 2 current ones) in the Bedout plus Outrim is good time to call it stumps, if someone comes along with a bagful for their Bedout Permit Equity. Anyways that's just my view.