hartleys 12 month target, page-23

John,

Agree about reserves, once we have the production. With the lower pon and lower SRB rate 20kbo rather than 15 might be more appropiate though?

With short 2P reserves life we will rightly be stuck with a low EV/E ratio.

I looked at Warro, but decided TSV the only listed option smelt a bit too much for me, and probably overpriced. Looks reasonably risky to me, with the first attempts at decent flows perhaps frustrating and a rollercoaster sp for TSV holders. Success would however be a big boost for CVN, in my estimate could be worth north of 10 cps (but realistically risked at perhaps 1 to 2 cps?, maybe circa 3 cps risked based on TSV sp?). Decided my free, riskfree, cost free, worryfree exposure via CVN was perfect. It would be great tax synergy for CVN as they must have heaps of aussie tax losses to use.

EL