possible takeover target?, page-13

EL
Exactly. From several discussions with Ted it seems most of Thai was passed over mainly because the big guys where not efficient and couldn't gear themselves to developing ... what seemed like small fields. He is extremely excited by Thai's potential and has worked very hard on developing a close list of influential contacts within Thailand. Seriously Ted is very down to earth, very well respected and knowledgeable, yet he is as sharp as a tac.

As he said at his first CVN AGM he has enough personal money and was about to retire, but he really liked what he saw with Thailand and CVN and that excited him enough to put off retirement and invest his OWN money into buying CVN stock. By comparison the voted out board thought that CVN shareholders should be buying them stock for incompetence and non performance. It was actually my late father who instigated the move to try to get Ted onboard and rid ourselves of the old board of crooks.

Teds approach is spot on. His philosophy of not being the operator is because he has shaped CVN into a "technical based company" that can solve geology/drilling problems (for a share of the JV). That's the big and clear difference between CVN vs POE they are just poles apart in management and strategy although they do of course share one common interest.

Ted will continue to buy in via the teams strength and that will result in every shareholder profiting.The boards aim is to have CVN well into the top 4 oilers listed on the ASX. Lofty but well within the companies grasp.