Ann: Half Yearly Report and Accounts , page-14

spot on EL.

with production, revenue, profit, cashflow all lower, the only thing left to restore some confidence here will be a considerable reserves upgrade.

and with the market most likely already expecting an upgrade of some kind, it may well be that the upgrade may need to surprise on the upside for there to be any sizable upward price recovery. that may be tough to do.

nonetheless, given that i'm long, i'm obviously hoping for/expecting a very sizable reserves upgrade and that the worst of the recent declines are behind us. despite any setbacks and its focus away from production over the past 6 months, cvn remains low-cost and highly profitable on what it does produce.

unfortunately i think cvn may remain in the doghouse and trend some sort of floor price until confidence is again restored with reserves this month, or through the drillbit or an escalating oil price (or both) over the remainder of second half.