what's next? obviously Apus-1 which is targeting the main Caley formation plus the lower formation which was entered for assessment purposes in Pavo-1.
FID- scheduled for mid this year, so anytime in the next 3 months. A precursor to this will be securing debt funding. CVN has just proven its ability to raise capital and by early April will hold roughly 25% of its funding requirement in cash.
Expected development costs have been cited at US$2.2b.so CVN needs roughy A$585m (subject to exchange rates).
Dorado Development - WHP to be installed roughly 18mths from FID. With development drilling throughout 2024 and 2025 (10-16 wells) with operations expected to commence in 2025.
Pavo and Apus appraisal - Santos have approval to drill a total of 8 wells in the Pavo & Apus areas. the 2 current wells and upto 6 appraisal wells over 5 years with no specific timing on drilling. I assume a number of these will be in 2023
there are no other bedout drilling campaigns currently under consideration that are lodged with nopsema.
I initially thought the CR was dodgy af, but am now starting to see a little more strategy behind it. I had hoped for after Apus but I see value in doing it now.
CVN Price at posting:
31.5¢ Sentiment: Buy Disclosure: Held
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