Ann: Capital Raise, page-106

The timing of CVN's Euroz raising and related 15% dilution of the share registry going into two (2!!) drilling programs certainly does not seem to favour longer term holders/supporters of the company.
Yes.  We can all buy now at 13.5/14c - but frankly many of us would have preferred to have gone into the PS3/ Dorado drilling programs at the pre-raising SP of 17/17.5c.
If CVN management were so confident about the upcoming PS3 results (as some on these threads are) - then CVN could have done a raising after some potential success/drilling results/news in late June /early July.

CVN management have displayed terrific talent when it comes to technical analysis and acquisition of drilling opportunities - but the recent Euroz raising brings in to question their business/dealmaking acumen.   I'm sorry but 13c for the Euroz raising was a dumb discount given where the company was at - and in some shareholders' view - seriously underplayed CVN's hand.
It gave Euroz clients a "free kick" at the expense of long term shareholders..

So in the upcoming weeks - if we actually do have some PS3 drilling success and lets say a big player/tough negotiator like MIN/WPL emerges and wants to acquire PS and/or Dorado (or god forbid - the whole freaking company!) then CVN management better prove they can make better deals (on behalf of shareholders) than this recent one.
No more "free kicks" or "dumb discounts".

That would underplay a much bigger deal/ end result for all shareholders (old and new)..