actually the glass is half full, page-5

Hi Harlee

I suspect we all feel a bit that way when an opportunity present itself. I had absolute truckloads bought at 9.2 cents at one stage last year and then I sold the bulk of them at .21 the afternoon BEFORE they announced the first gusher. I went from feeling pretty satisfied with myself to self-flagellation in mighty short order. Bought in again at .50 and this time I have decided to let them sit for a year or two. This is an unfolding production story now, not a "will they, won't they hit?" type of stock.

The latest boost to production (which may increase on clean-up of one well and if they can fix the cement plug issue on another that flowed very strongly before watering out) adds almost A$11m to the A$138m already being generated. In addition, CVN has A$20m cash at bank which means they don't need to come back to the market for drill funding. Finally, they have probably the most active drilling campaign of any junior on the market and the next few step-out drills are almost guaranteed to significantly increase production, as POE stated. It's tantalising to speculate what that 'significantly' might mean, isn't it. Given what we know of the geology and the continued high production from the best well, some rather juicy numbers might be in the offing. I guess we won't know for certain until the first 4 pad well is drilled but I thought that was a fairly confident statment from POE who have been cautious operators to date and not prone to rash predictions.

Why then would investors exit now? Simply because the immediate gratification they hoped for has not been delivered. We're on "trickle-feed" rather than the "foie gras" method our greed demands.

Ah well, good things come to those who are patient.... Might be time to raid the piggy bank soon.

Good luck!

DYOR

Gupper