how i read the quarterly

Looking at the releases today this is how I read it

a/ CV 31-4 back underway nice update to the market to keep us informed
b/ 11-12 moving ahead as expected - nice little comment about "we've improved how we are doing this one based on what we learned at CV 31-4" once again full marks

Once again they make the comment about these 3 drills being a proof of concept to prove up a far bigger opportunity base. However today they start to give more details about this. They are talking about a 15 - 20% recovery being possible on a 200mil barrel oil field. So with 3% already recovered if you work on another 17% being possible then you are talking about a potential 34mil barrels of oil.

This would take a number of drills I know, and be drained out over a number of years but its clearly laid out.

The comment on delaying the third well is being done for the right reasons so I have no issues over that.

Leasehold position strengthened - They must like it to keep buying it up - also like the little comment about not giving out maps anymore..

Grays harbour - good update again with the same comments - I love the way they describe a 25 bcf find as modest!

Cedar Creek / Vader - slipped a quarter due to permitting delays so we will just have to wait and see. Still sounds pretty good though.

Tipton West - First cash late march - Hooray bring on the first of that $8mil.

Galilee and Pel 427/428 value still being added via farmins and potential farmins. Work being done while not distracting the team from the main game.


All in all it looks like we have a base at 37c now, with the guys buying the options obviously thinking it will be north of 50c by the time they need to cough up the 40c.