Hi Folks,
I am no geologist, but I thought todays announcement hugely reduced the risk on this investment. Therefore a little suprised to see the retreat to 16 cents.
With just about all the other good stories I had been watching running away in front of me, and sitting on a heap of nickel proceeds, what was I to do? I topped up CVN again, by 25% at 16 cents. I won't buy more, this will either be a poor/mediocre investment, or it will jump to the front of my portfolio this year.
I"d like to believe ARQ will discover oil in the Canning - but I am not sure, I'd also like to believe many of the other good stories, but where are the odds as good as on CVN having a lot of oil AND being cashflow positive very soon.
When you start a program happy with 100 bopd wells, and get 700 bopd from these same cheap wells, that is absolutely great. I hope they can get enough road tankers!
Goodluck to all the patient.
EL
ns4 stabilised rate at 686 bbld., page-14
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