SP worth 40c

Carnarvon Petroleum (CVN) – Shares rocketed 196% yesterday after the company reported what is being dubbed as ‘Australia’s biggest oil discovery in the last 30 years’. Operator US-based Apache says they have potentially found oil on the north-west coast of Western Australia. The well could contain up to 300 million barrels of oil. Apache have also reported it to be a good 'light' quality reservoir that allows oil and gas to flow freely. It’s highly speculative at the moment, but if pre-drill forecast are proven and confirmed by another well next year, CVN’s share price could be worth a lot more than it is. Intelligent investor say the discovery ‘could be worth 40c’. Price now 24c.