Seems a lot of people are missing the the next announcement, an update on the drilling of this well which could very well sling shot the share price much higher. This is not an exploration well, its an appraisal well of the Phoenix South #2 well which failed to fully assess the Caley formation's gas and condensate. Some of CVN's cost of Phoenix South #3 is met from a successful insurance claim on that well. Progress report early next week.
Phoenix South #3
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