The announcement on the 4th of March was in relation to Dorado project financing. Obviously we don't know what this CR is for yet. However is suspect it will be for drilling Pavo South, or appraisal drilling for Pavo rather than a direct Dorado project financing. Another poster did indicate that STO have some drill slots available on the rig so it makes sense to sure up the resource now to support Dorado FID. This would be prudent in my view.
Obviously dilution is never great, but the upside here is that Pavo will be a low CAPEX development that will ultimately bring value to CVN holders - it will
just come in 3-5 years. However, this is lost if Dorado is oversized now and Pavo isn't actually viable.
The announcement on the 4th of March was in relation to Dorado...
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