Ann: CVN Corporate Update , page-2

If I were CVN I think I would probably give up on the market.
A. 2P reserves of 12m BOO in the 2 licences and another 50 m in 3D-identified 2P reserves.Thats 3
dimensional,expensive,analyses commissioned after using 2 dimensional data to drill exploratory holes to establish the presence of HCBs before commissioning the 3-D survey.
B. A view from "somebody",unconnected to CVN, who is in the business of putting values on oil fields that the value of CVNs share of the 2 licences is of the order of 32cps compared to the price obtained by POE that equates to 16 cps.
C. A done deal re Phoenix that seems to provide for the oil and gas major to fund CVNs share of the early drilling.How good that deal is has yet to be discovered. Note the WA article on the NW gas scene.WPL ,potentially the biggest player in WA if it can complete the 2nd LNG train at Karratha, continues to be desperate for gas for
Karratha.
If its not WPL its almost certainly going to be Shell or Repsol in the Phoenix frame.


D. And a feast of other goodies.
You either believe that ECO will bring home the bacon on several fronts,or you dont.You would have to be the supreme pessimist,or doubting Thomas,if you dont believe that CVN has done a half-way-reasonable deal on Phoenix,which is scarcely 1 cps of the 10c share price IMO.

















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