Thanks Banker. People should take note of what Adrian Cook said...

Thanks Banker. People should take note of what Adrian Cook said in the interview and what has been emphasised in the announcements. CVN is really excited not just because of the discovery at Phoenix South - but because they have 20,000 square km's of coverage around that area.

When valuing this company, you need to look beyond what you can recover beyond the 300 million barrels of oil and see that this is just the door opening to a whole new oil province.

If you are in any doubt, then actions speak louder than words. Apache has already immediately committed to drilling a second well (Roc) in the adjacent permit in 2015... and this is BEFORE we have finished up at Phoenix South to confirm if it is commercial! They have agreed to pay earn in costs to a cap of up to $70 million. Apache has also exercised its option to increase its interest in 436 and 438.

Apache would not have made all these commitments without strong evidence of further success, particularly given that we aren't even done at Phoenix South yet.

Hang on for the ride, it will be bumpy but we may be very far from the top still. A word of caution, this is not without risk... you only need to look at CVN's history to see that many regretted not cashing in at a much much higher SP.