EL I must admit I have been very bullish on CVN since the new...

EL
I must admit I have been very bullish on CVN since the new board. But its because I have had long talks with technical oil men (inc Ted) about the volcanic structure of this deposit. I have a clear understanding about the difficulties in both the drilling and delineation of the deposit. The main issue they face is in proving the theory and strong belief that it is all one pool and to discover the boundaries (which in turn gives us the actual reserve within the Phitsanulok basin).

Time is really the only limitation for the gratification of long term CVN shareholders. Once CVN can consistently sit in the $1 sp mark I expect to see a whole lot less sort sighted shareholders. I certainly know of no other ASX mid cap oiler that comes "even close" to the real potential of CVN.

The SRB is just misunderstood because of the unknowns, however as shown in FY09 its not the falling knife many seem to cry wolf about. The "reset of the SRB" into the new northerly deposits should only reinforce shareholders confidence that CVN profit is headed into even better black numbers.

I think its totally unrealistic to expect trouble free drilling within volcanics. Shareholders should take a good look at other oilers costs vs profits and see just how many dusters that others consistently drill with little to no chance of getting commercial oil. CVN is a lot like lotto except CVN already have been given the first 3 numbers they just need the last 3 to take out the big prize.