We were always a minor participant and as such we never had...

We were always a minor participant and as such we never had leverage. 20% or 10% is still a minor share and the sell down made no significant difference, it was always going to be Quadrant / Santos making the calls. I agree that in hindsight selling didn't make a lot of sense given the SP and the fact that the FID was nowhere to be seen. From memory they didn't need the cash at the time but they were planning for a FID much earlier than has eventuated so were lining up project funds. CVN was first and foremost an explorer and now that seems to be on the back-burner as I doubt Nero has much appetite for anything other than flogging CVN off for a relatively quick profit. Exploration takes money and expertise, that is probably why Nero "cut expenses".