Ann: Thailand L44/43 Concession Resource Estimate, page-17

re: Ann: Thailand L44/43 Concession Resource ... you guys are all forgetting the effect of the oil price.

1. USD has weakened considerably driving up commodity prices. The USD will show some short term strength which will be negative for oil. long term, the USD should weaken more and drive up oil prices. But realise that this will strengthern the AUD which is bad for CVN revenues as oil is sold in USD.

2. The number of put options compared to call options for oil has recently hit an ALL TIME RECORD. I.e. the market is anticipating a fairly large drop off in oil. This anticipation is due to (a) Higher inventory stockpiles in the USA now then there was 3 months ago. (b) Middle eastern countries pumping out more oil than needed and still not pumping at full capacity. i.e. there is a sh*tload of supply in oil.

I think we will be seeing oil fall back to the $50-$60 mark before the end of the year.

So no wonder there is some resistence to the share price.