Team, I heard back from Adrian Cook today and have posted his...

Team, I heard back from Adrian Cook today and have posted his response below, I have just removed my email address. I hope this gives you all renewed confidence in CVN. I felt quite humbled that the big boss actually wrote back to little ole me.

From: Adrian Cook <[email protected]>
Date: 22 November 2019 at 11:20:17 am AWST

Subject:CVN Share Price manipulation

Dear Peter,

Thank you for your email.

We share your frustrations with the share price at the moment, especially aftera very strong year with Dorado.

We have been on the east coast this week, after our AGM last week, reinforcingthe attraction of the CVN business and pushing the case that CVN currentlyrepresents a stock that should be in many of the institutional investorportfolios.

Dorado is a very appealing asset as we’ve presented and I would expect Santosto reiterate that point in their up coming Investor Day on 3 December.

We also acquired new development oriented 3D seismic over Dorado and severallarge prospects nearby. We will receive that data in the new year and I wouldbe looking for that data to improve our confidence in proceeding to drill thoseprospects. Apus could be as big as Dorado (or bigger) and Pavo already looksattractive on our existing exploration focused 3D. And we own 30% of Pavo.

With regards to Buffalo, we have made good progress this year on this asset andwe are advancing the process to secure a partner. As soon as we have this nextstep completed we will update the market.

Of course there are other projects also being progressed and we’ll update themarket as they reach news worthy points.

In terms of your reference to “share price manipulation”, the point islogarithm trading and short selling are adversely impacting many stocksincluding our own. My personal view is that this type of trading isinappropriate in the market but the ASX do not agree (and I’ve written to themexpressing my displeasure). But it is the modern way and we need to work withit.

Our drive is to create the next waves of value generation across multiplefronts within CVN. This takes a little time and we need to be patient eventhough the share price can for a period work against us.

I hope the above gives you confidence that we are working hard on valuegeneration projects and are actively promoting the business case to investors.

Regards
Adrian

Adrian Cook
Managing Director
Carnarvon Petroleum Limited
Level 2, 76 Kings Park Road
West Perth 6005