this is a set up, page-2

Philarmonic...

"Thus for the management incentives to be given the green light at the end of October would require a positive FS to come out beforehand.

Not sure I see it that way?

With friendlies on board and higher prices...not many would vote against the management incentive options...in fact I personally believe it is one of the more modest deals I have seen and would not think twice to give it my vote.

In actual fact, I view an early release of the FS to be counter to their immediate plans for two key reasons...

1. Whilst a higher price is attractive, too high and the options will begin to look a little too generous...not that this is a big deal however, as clearly higher prices makes for happy shareholders and far less likely to appose such a deal.

2. One would assume that the release of the NPV numbers might potentially trigger the acquisition event, at which time the share price would come into play as the acquisition level.

Maybe not, as we do not know the nature of the mechanism here...but clearly any calculations would not be too far beyond this?

Regardless, I suspect the eventual percentage mix has been decided on already...so getting the price where it needs to be will be more or less a stage managed event...good for us however.

As a result I see the FS a way off yet...at least until Catabola drilling is showing something and perhaps even Angolan permits in their back pocket?

I have suggested I see any realistic acquisition for Cameroon taking place only once the shares pass 40c...and preferably well over 50c.

Amazingly, the company will be valued at just $150m or so as say 50c (300m shares)...so in all reality, the eventual acquisition price could be much higher still.

Assuming 400m shares all up after Cameroon (100m shares...or 25% to Turnberry) and we could well be sitting on a net 24mmbls 2P, some pretty sexy rerating Angolan assets and a significant IOCG result at Catabola...not to mention their Quest exposure and indeed free carry in Indoneasia.

At 50c, the new fully diluted market cap at 50c would be just $200m, still some 30% less than NDO's as we speak and more or less equal to MPO's recent levels.

Give me a dollar and I will smile...give me 2 and you can have some of my shares...lol.

If SDL can be re-rated to over 50c based on their Angolan assets, in spite of over 1billion shares on issue, CVI will sh.it it in!

lol

Cheers!