News: CVN Carnarvon Petroleum Seeks Trading Halt, page-9

I think u've misunderstood that Dorado will b producing by end of next year. They'll wind up FEED study whereby they'll opt for a concept selection for Development & costs. After that they'll take a Final Investment Decision (FID) & then embark on drilling of Development wells.

Santos were quick to bring their last project in WA onstream at Exeteer-Mutineer after its discovery in 2002 with first oil in 2005 & produced 74 mmbbls from it till final Oil in Q2 last year. FPSO was sent back to Modec. So once the current program ends, there will b a lot more planning etc before the next round of Development drilling starts at Dorado. Small steps. Noticed Euroz & JP Morgan are the underwriters for the CR.

Valuation wise one could use this scenario :

1) 85 + 31 = 116 * USD7 * 80% CoD by 1560mil SOI (rounded off & then convert to AUD)
2) CVN's net risked share of Pavo, Apus etc etc is 28.64 mmboe * USD3 by 1560 mil SOI (a/a)
3) plus Cash on hand AUD 153mil by SOI