changing sentiment?, page-4

I would not say a significant change in sentiment, just recovering from the drop off 5.8c support. The rise has been on some nice volume to sell into for those of us over endowed with CVN. I just can not see it lasting in the short term given the quarterly report results and declining production. The March production figures from DMF are due any day and my calculations from the quarterly show production will be below 1300 bopd, which is 400bopd down from their base production when they gave guidance last year.

On the positive side, there is a lot to look forward to this quarter with seismic results from L33 and drilling resuming in L434. CVN rallies hard with good news, presenting some good opportunities to buy the dips and sell 10.20% higher. Now I would look 5.5-5.8c tops to sell then come back in closer to 4c after it falls again. Of course there could be some other events driving the price, such as corporate action or relating to the sandstone development. The volume buying driving up the price has been buying directly into the sell side not sitting and waiting.