SmartdudePhoenix at this stage is potential/virtual gas - a long...

Smartdude

Phoenix at this stage is potential/virtual gas - a long way from making our thai assets immaterial IMO.

The value in CVN currently is backed by the 1 & 2P. I agree with comments made here in the past by El that the 2P figure needs to be discounted due the the questionable production over the last year. Even applying a 60% discount to the 2p still gives us proven and probable of 12.86mmbls in the thai assets which assuming an EV of around 150m gives an EV/2P of 11.66 per barrel, which is a favorable valuation base.

Not sure we can read much into Shareholder update re recent production as CVN always follows POE's lead in any production news. Still I would of thought we are well over due for an update on the sandstone wells.

I still am very cautious with CVN about exactly how and when production will increase, take on board freida's comments but am quite jaded after the last year.

Still its all about being patient and watching the story closely wouldn't contemplate an exit under 30c.