re: Ann: Quarterly Activities Report December... Some of MD's...

re: Ann: Quarterly Activities Report December... Some of MD's key comments (in my opnion) from the latest Quarterley Report:

"Currently the market capitalization of the Company is around $60 million (6.3 cents) representing $16 million in
cash (that is expected to increase to $20m in the March 2013 quarter), oil production assets in Thailand with
an implied value of around $113 million and a free carried interest in up to two significant exploration wells in
the North West Shelf...

To achieve the targeted quarter end (exit) flow rate of 3,000 bopd (gross) three volcanic wells were introduced
into the drill program in November 2012. These wells are currently waiting to be tested after requiring further
equipment to be brought in. Whilst the actual exit flow rate was 1,700 bopd (gross), the activities to achieve
the target have been undertaken and we believe the production target is deliverable, although the timeframe
remains uncertain..."

Yes, CVN is trading well below the implied value of its Thai assets, but clearly the company has missed its 3,000 bopd (gross) target.

CVN had a short lived rally today, but ran out of puff by the close. I think missing this production target is a key reason as to why the rally ran out of puff.