CVN is well funded for its forward activities with $73.8m cash on hand. During the quarter the successful Dorado-2 appraisal well was drilled testing the downdip portion of the Dorado discovery. A new 3D seismic survey over the area will improve overall basin understanding. Unfortunately, the Roc South-1 exploration well did not encounter movable hydrocarbons in the primary targets. The well is currently drilling ahead to test the deeper secondary targets. The Buffalo development is ongoing with the agreement on PSC terms with the Timor-Leste government. We maintain our SPEC BUY recommendation and a $0.68 price target.
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