good profit result, page-6

Hi people,

To see how good CVN is looking, compare it to this from BP last week about extraction costs in the North Sea.

http://www.easybourse.com/bourse-actualite/total/update-n-sea-oil-operations-unsustainable-at-current-FR0000120271-622250

Part quote

"LONDON -(Dow Jones)- BP PLC's (BP) oil and gas production business in the U.K. North Sea is unsustainable at current low oil prices and high costs, a spokeswoman for the company said Tuesday.
The company, which is one of the largest producers of oil and gas in the North Sea, needs to act quickly to make sure it can continue investment in business, she said.
BP has opened talks with key contractors and suppliers about reducing costs. The talks are still at an early stage but BP is looking for a quick response from oil service companies, she said. "It's essential to have these contacts if we want to sustain a successful business in the North Sea ... doing nothing is not an option," she said.
The cost of developing and running oil and gas fields in the North Sea has increased 50% since 2004, but the oil price is now back at 2004 levels, she said. BP wants to see a "significant reduction" in costs, she said, without giving figures. "

end

Even Statoil Norway is barely breaking even.

Different story for CVN in Thailand. We also now know US Gdp fell 6.2%, that took the wind out of POO last year but it will only be breif if there is no investment.

Cheers,
Al