Offshore exploration can send any company broke, but as...

Offshore exploration can send any company broke, but as mentioned CVN's costs are little more than a single bowl of rice. The whole JV area is extremely big and obviously .... not just "full of dust". CVN will still be exploring and producing from this JV in 2025, so a small fall in production in 2009 is far from earth shattering.

The learning curve with the volcanic's are not textbook. Time will allow CVN to get a handle on the "interactions" and "reactions" of drilling into their volcanic reservoir. Unlike sandstone reservoirs these volcanic reservoirs are not so well understood or compliant to any of the std textbook oil methodologies.

EL
Although I understand your point about caution (been caught out myself) I do feel that it is totally unwarranted given the production rate facts that CVN have clearly given in the annual report.

The Hardman case has no commonality other than it involved oil.