Ann: Dorado-1 Oil Discovery, page-65

A lot of brokers will be doing the numbers and sending out buy recommendations to clients. At 25 cents CVN has a mkt cap of just $290 million not much when compared say with the nearly $700 million of Cooper Energy with its small gas plays in the Gippsland Basin. Take a while for some of the fundies to get buy approvals in place given need to fully assess the news and what it may mean.

The response today has been quite muted IMO given this looks to be the biggest oil discovery in Australian waters in years and should get strong coverage in tomorrows press if the PR boys at CVN do their job properly.

The CR in MAY involved some 123 million shares and so far today some 24 million only traded so that's a good sign that instos involved in the placement are hanging in there. Also suggests that new funds have yet to start buying in earnest. Going to be an interesting couple of days particularly if there is more good news from remaining target. Even disappointment at the secondary targets shouldn't take anything away from the significance of the oil in the Caley member.

Once we get past the DTs taking profits we could see a nice finish today and with all that media publicity coming an even nicer finish tomorrow