Ann: Corporate Presentation, page-37

With the greatest of respect most investors/traders who have been with CVN for a long time knew by Christmas 2014 that the structure surrounding Phoenix South 1 was tight, what will be interesting is "how tight" is the structure, the rock structure was referred to in an ASX CVN announcement dated 11th Dec 2014 thus it is public knowledge. We await the final report on Phoenix South 1 by the operator Apache now named Quadrant.

If ROC 1 is successful presumably it proves that the oil found in PS1 is migrating, and hopefully migrating into a structure that lends itself to easy production. Then we have the possible inclusion of the original oil find in the same general area as PS1 (Phoenix) found many years ago by BP ( think it was) but that find was abandoned as "non commercial"---however well technology has moved on apace since then.

What I am therefore hoping to see following the successful drilling of ROC 1 that both Phoenix ,Phoenix South 1 and ROC 1 are amalgamated as far as reserves are concerned, which COULD then encourage the JV to look at production, though once again doubt very much we will get that far as the asset base that CVN will then hold will be too tempting for the oil majors to pass by.

Some excellent background information is available on CVN's website via the broker analysis by the large mainly Perth based brokers who cover CVN.