looking like the fall is over., page-39

Fluffy
Can you explain - if there is a simple answer why after so many years o production to very good levels CVN only has 20 odd million in cash. The EV per barrel story is enticing, but I recall AMU has had a very low EV to BOE and has been on a multi-year downtrend.
It's a genuine question as that measure often hides the true story, is cost to explore and produce to maintain reserves and production. As I mentioned previously,'I have kept an eye on CVN for a few years and I don't recall big expensive drills, which makes me think the real find, development and production costs of these reserves are in the end pretty high.