capital raising, page-13

What an outstanding time for a capital raising! Waiting for the SP to bottom, supposedly being on the precipace of a big announcement re Phoenix and after a long-term decline in production. You could ask:

1) Why was the CR not performed proactively 6-12 months ago at a much higher share price?

2) Why could the CR not wait until the "blue-sky" Phoenix farmdown which should put a rocket under the share price if all is as positive as has been spruiked?

3) Why couldn't the CR occur after demonstrating some production improvements to show progress which would also push up the share price?

The final question is do you think that CVN is a well managed company? Let's face it, the CEO will get paid $500k pa no matter what shareholder destruction he has caused. My worst investment in the past 2 years has been CVN. My best investment decision in that time was selling most of my holding for >$0.20. However, is $0.08 a good entry price? It has always looked like CVN needs 2,000 boopd production levels to make money. If they can make progress then we could see the SP double. Can CVN achieve that?