operations update: disappoint ?, page-10

POE's share price rose some 60% from start of december, about $5 to a high of $8.25 on Jan 5 based on what I believe to be some excitement on the drilling of the L53 concession.

The subsequent results may not have lived up to expectations (hype), hence the share price has corrected accordingly after overshooting realistic valuations. Also the fact that L53 will not be drilled again until mid year at the earliest may have sobered the thoughts of some POE investors.

From my point of view as a CVN shareholder, this announcement delivers (and it will probably be clearer when delivered from Ted, in terms of positives and or negatives) the fact that production is on the increase after bottoming out in 2009. 3 wells will be drilled per month in the first half of 2010.

I was "hoping" for some more barrel success at Si Thep, but this is probably more due to greed and anxiety than anything else. The evaluation of the sandstone to the north of Wichian Buri I will look upon with interest. This is based on Ted's comments at the Agm that another Sirikit type sandstone play will exist somewhere in Thailand, would like that to occur on CVN's lease.

Happy Australia Day
DYOR