tick tock tick tock...

Another significant box got ticked here today...

I flagged this likelihood several weeks ago when the argument for Turnberry possibly finding incentive to cap the stock was raised...the obvious flag to today's announcement being the "concert parties" arrangement which was obviously designed to give CVI a form of insurance.

So now we have 40% of Matanda via the orginally flagged 57% of Turnberry...all CVI's future targets have just doubled.

lol

On the signing of Cameroon, CVI instantly get a net 24-48mmbls recoverable oil reserves...these are seriously good numbers by anyone's standards...however I would not be surprised for a more conservative "assessment" of reserves to help with the dilution equation.

Anyway, CVI get 27.5% of Matanda via the other Turnberry owner for some 15m shares + US$4.5m...or about AUD $8m all up.

Something tells me this deal is in fact part and parcel with the main deal...cheap entry here, expensive entry there...all designed to result in an obviously pre-determined average entry price.

I stand by my intial views CVI will not take over Cameroon for more than 40% of ther register and more likely 20-30%.

Development costs are not prohibitive...so there is no reason why CVI will not develop this project.

Expect 60+ as a first time acquisition target in my view...I reckon we have two months.

We still have Cameroon...and of course, Catabola minerals drilling any minute.

I recently suggested those holding 1m shares or more were millionaires in waiting...we can probably revise that down to 700k shares now.

Happy to be holding...and happy to be a buyer.

I have not listened to the audio yet...will do so shortly

Cheers!


Cheers!