award of new licence?, page-6

jordy,

CVN is far from a company doing its best to work over an existing field and being confronted with depletion despite best production effort.

Yes the review will reasses the reserves with more information, but the fractured volcanic field was always a known, so rapid decline from fixed holes was anticipated. They just haven't had the rigs to drill simple sidetracks or exploit different levels. Even horizontal had really good results in some instances.

Don't diminish the surprises we have had on the upside wrt pool discoveries.

Anyway I bought a "trading parcel" on Monday at 48 cents and should have waited a day or 2 as one of the wiser heads suggested. Meanwhile it is a crappy feeling but the story is still good and I do not doubt POO will be reassessed upward.

Al.