Over the last few weeks we have seen three Australian oil/gas...

Over the last few weeks we have seen three Australian oil/gas companies drilling for large oil resources from Western Africa to Gulf coast USA. Most of the targets were covered by high quality 3D and we were talking millions of barrels of oil potential. Punters in all cases were suggesting big cash gains as a Xmas present. Never happened, ALL turned out to be dusters and holders in PCL,FAR and OEL saw their shares slashed and no Xmas presents. FAR do have the large SNE field of Senegal but IMO they will be very lucky to see first oil eight oil after the initial discovery. So what has all this got to do with CVN? In the first place it shows how hard it is to be successful when drilling for oil. CVN discovery is world class, reasonably easy to develop, and in a stable country. I do no think there are too many like that left around the world. The second point concerns development and STO in their recent statement appear to be saying they want to move as quickly as possible with the project and we are definitely not looking at 8years plus as in the FAR case. We are not too far off 2019 which should be a very exciting year for CVN.