Ann: Phoenix South-1 Well Update, page-138

Mentioned this morning that cashed up WPL would have to be interested in a possible new oil province on the NW Shelf. Its hard to discount such significant statements from APA a US$35b company (compared to some backyard Aussie Oil/Gas hopefuls trying to ramp up their share price with lots of blue sky). Statements such as a possible new oil province, preliminary estimate 300m barrels of oil and that the permits could hold significant oil accumulations. APA rushed to take up their 40% option on WA436P & WA 438P and also the additional US$70m to drill ROC. This is a company that has already stated it wants to get rid of its overseas assets. What do they really know to change direction and make these bold moves? It would have to be good one would think. CVN also stated the potential for our permits is "extraordinary" APA must be looking very closely at the data they now have to confirm their statements. They might think lets go for 60% if results appear good and CVN is the obvious target and would be peanuts for them. With all the doubts floating around now is the time for any company interested in CVN to make a move A good % could be picked up on market between 20-30c.