To Hold or Fold, page-155

The reality with a CVN investment ATM is we are at the mercy of a market that runs back and forth at any sign of turmoil. Whether it be the Corona Virus, the prevailing sentiment surrounding the fossil fuel energy business, DT's trade war with China and so on. Unfortunately CVN is also at the mercy of our big brother in the development of the Dorado and surrounding investments. Santos no doubt understands the circumstances that CVN (their minority partner) are in and this provides them with lots of potential leverage going forward.

The question is do we buckle up for the ride, which I feel is going to be bumpy, or given the time frames we are looking at, strategically exit and move our investment into a safer and more favourable harbour. This I might add would be a temporary manoeuvrer and when the time is right reinvest when there is more certainty around what looks like the end game. There is risk in this approach but the level of uncertainty and the time frames involved compensate.

Having been with this company a long time and given the excellent work undertaken by the Board and Management since the divestment of the Thailand assets (thanks Ted Jacobson) it pains me to even consider this course of action. However this is very much a brain versus heart decision. The dream is big but the reality does not always follow suit.

Just one more observation - my investments in CVN have been very good to me over the years. I have had the opportunity to make some serious money along the way. I always have, and will continue to have, faith in this company. I do genuinely believe that they will be successful and will achieve what many companies have tried to do but failed.