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15.5¢ carnarvon energy limited

Ann: Drilling Rig at Pavo-1 Well Site, page-34

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Goldfarm

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10/02/22

16:29

Post #: 59490240
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Originally posted by Justlocal: ↑

Now might be a good time to just remind shareholders of CVN's previous commercially unsuccessful drills such as Roc South, and Phoenix 3, particularly PS3 as this one came with a promise of a very high gas charge experienced at PS2 and caused the drill to be abandoned. When they returned, PS3 was drilled from memory, just 500 metres from PS2 but they were unable to assess whether the hydrocarbons they found would flow at commercial rates. Porosity was 8% and permeability at lower range of expectations.( see Drill update 13th Aug 2018) From memory, the expectation of Roc South was that it may link to the Dorado field but proved a duster. Moral of the story.... Don't get too exited about your hopes for a win and remember, no one can say or knows what's down there until it is drilled and even then, the geological success may not convert to commercial success. So hope, by all means, but be prepared that either or both of Pavo and Apus could be dusters, or either or both could be winners. It's the name of the game when you invest in exploration companies. The disappointment of Buffalo result was to some extent understandable, but in my view, dissatisfied investors looking for someone to blame should look to themselves first. For their own excitement of an expected win clearly fuelled the overriding of prudent risk appreciation. I do not suggest the bet aught not be taken, just remember, that it is what it is; A Bet! IMHO. Onward and hopefully, upward. Cheers!

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Very true. Hits like Dorado are few and far between.

CVN Price at posting: 27.0¢ Sentiment: Buy Disclosure: Held
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Ann: Drilling Rig at Pavo-1 Well Site, page-34

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Ann: Drilling Rig at Pavo-1 Well Site, page-34

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