Share price end of 2017, page-93

WN,

Welcome back.

Regarding your comment "I believe that CVN has to pay total well cost."

Is that opinion from the same source who predicted PS2 would be drilled after ROC2?

Just wondering - that's all.

I based my conclusion on this statement from CVN on 25th Oct 2016.

"An arrangement is in place with the operator that will enable Carnarvon to fund the first $5 million of the expected $20 million net well cost and enable Carnarvon to contribute the balance into any future work at Phoenix South and a small promote to be offset against future production. This arrangement provides Carnarvon with some optionality and added flexibility to manage its near term financial obligations for the Phoenix South-2 well."

My interpretation of the above statement was that we contribute only $5M, we contribute future work (due to our expertise of this area) and the rest from future production. No future production....no pay.

In any case, I will ask that question during one of the Proactive Spotlight events - trying to make time in my diary to attend.