Ann: CVN's September 2010 Quarterly Report , page-11

re: Ann: CVN's September 2010 Quarterly R... Allanh,

I'd be VERY wary of putting any weight on anything the ii did on oilers. Very poor record wrt ROC and TAP (and AWE??).

Do they have an analyst that actually understands the O&G industry in general? or in particular exploration? reserves assessment? the Thai taxation? political risk?

If in doubt look at the track record imho, and in the case of the ii on oilers, enough said.

Happy to be holding CVN myself, but I am going to have to be much more patient than in the past, and only prepared to add at a substantial discount to where I percieve value (following misjudging this a year ago). Due to doubling up back in the black, but not prepared to chase it up as the sp recovers (assuming it does further).

A quality oiler yes. But an oiler still, and therefore inherently a risky investment imho. My temptation point remains in the low 40's (but then I do already have a substantial CVN weighting, maybe 50 ish otherwise).

EL