Here you go CVN holders.
CVN management has confirmed that:
"In addition to the Roc structure work, we also continued our technical evaluation of the Phoenix South structure. This structure discovered light oil in a zone we call the Barret member. Interestingly our work suggests the structure could also contain gas and condensate in the lower Caley member, the interval gas and condensate was discovered in the Roc-1 well. "
CEO newsletter on 13 April 2016.
Well, there you go, all they have to do is fine sufficient gas and condensate in ROC 2 (Caley member) to justify developing PS1 (the tie back).
More importantly, it confirms we have TWO geological structures that contains hydrocarbons.
This means June to September 2016 could be a significant changing event for CVN, the company in its pursuit to become an Oil and Gas producer in the NWS.
Ann: New NWS Exploration Acreage-CVN.AX, page-61
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