Initiation of Coverage
Investment Highlights
CVN is a focused low cost oil producer based onshore Thailand
Signifi cant upside potential exists though its near fi eld appraisal and exploration
opportunities
Current net production from its Thailand fi elds (CVN 40%) is ~5,600 bopd with growth
expected next year
Low capex per well (US$1-1.5m) and current operating costs US$5/bbl
High fl ow rates - 3,940 bopd gross the best well so far
Continuous, fully funded exploration and development program, 15-20 wells planned in
CY’09 targeting >20 mmbbls and further production growth
Forecast PER’s at <4x for the next three years
Strong reserves base – 11.4 mmbbls 2P recoverable oil and large upside through 45.7
mmbbls 3P
CVN hold a high quality strategic portfolio of Thai assets – corporate appeal exists
High leverage with interests of >35% through its high impact exploration portfolio
Attractive fi scal terms rank Thailand in top third of most favourable
Cash currently totals $52m, no debt, no hedging
Solid management and technical team with signifi cant in-country experience
Euroz valuation and price target $0.55/sh
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- broker report 4 dec 2008 price target $0.55c
broker report 4 dec 2008 price target $0.55c
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Last
15.0¢ |
Change
0.010(7.14%) |
Mkt cap ! $268.3M |
Open | High | Low | Value | Volume |
14.5¢ | 15.0¢ | 14.0¢ | $155.3K | 1.059M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 530233 | 14.5¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
15.0¢ | 440281 | 13 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1700 | 0.165 |
1 | 3935 | 0.155 |
6 | 703164 | 0.145 |
15 | 2250422 | 0.140 |
5 | 502000 | 0.135 |
Price($) | Vol. | No. |
---|---|---|
0.150 | 325281 | 11 |
0.155 | 853157 | 16 |
0.160 | 1136818 | 18 |
0.165 | 245510 | 7 |
0.170 | 477678 | 10 |
Last trade - 16.10pm 12/09/2024 (20 minute delay) ? |
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CVN (ASX) Chart |