News: CVN Carnarvon Petroleum Seeks Trading Halt, page-13

I am not happy with this announcement for several reasons

Firstly, capital raising is a dilution of our assets. This follows from the capital raise completed last year, which, if completed 2 months later could of reduced the dilution impact. Why would CVN not wait until after D3 for a capital raise? Clearly the duster last week hurt us bad, so why dilute now?

Secondly, last year Adrian Cook stated he was against a capital raise. This action has gone against his comments at the AGM. He stated there were other fund raising options which he preferred such as Debt or bringing in JVs on other projects (e.g. Buffalo).

Thirdly, as articulated by posters when Quadrant was a partner, we are in a program that can be manipulated by the major partner. Santos can dictate the program to CVN, essentially continually diluting the company. I suspect now we are susceptible to a takeover at a very modest price.

Finally, this action has ensured a stagnant share price until the completion of the FEED process, end of 2020 (best case scenario).