actually the glass is half full, page-27

Spending any of the profits on dividends would be an absolute stupid move for a mid cap oiler like CVN. Far better to spend all profits to develop their prospects and look at dividends when the prospects are more developed and the bank acc is looking nicely full.

As for the water "history". Mr Jacobson addressed this by specifically stating that any negativity on water is ill founded because it has shaped up very well with POE9 being on-stream the longest at 18mths.

Its also worth noting such questions on water are clearly covered in the latest release.

[QUOTE]
A nearby well up structure is producing at 0% water and a well down structure at less than 1% water.

All other producing NSE wells, other than the three described above, produce with water cuts ranging from 0.01% and 1.0%. These other wells account for approximately 89% of the NSE oil production.

Of particular note, L44H-D1, the highest flow rate well ever drilled onshore Thailand and located off the crest of the NSE central fault compartment, was put on production at a rate of approximately 3,500 bopd six months ago and continues to produce at approximately 3,300 bopd (representing a decline rate of approximately 6%) with a water cut of 0.01% throughout its history. Cumulative production for this well alone is over 600,000 barrels of oil.
[END QUOTE]

6mths at 3500bopd for a water cut of 0.01% throughout its history aint too much to worry about IMO.