CVN released the results of an independent technical review of the Dorado discovery. The total 2C resources have increased from an internally estimated 283mmboe to an independently certified 344mmboe, a 21% increase, and the bulk of this change is due to an increase in gas in the discovery. The recoverable liquids (oil and condensate) has declined from 187mmbbls to 162mmbls, a 13% decline. Final Investment Decision (FID) is expected by the end of 2020. The JV is considering several development options, including reinjecting the gas or producing the gas that with the Roc resources is over a Tcf. We maintain our SPEC BUY recommendation and a $0.68 price target.
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