The joint venture is a very big area and thus it will take 10yrs...

The joint venture is a very big area and thus it will take 10yrs or more to really know the limits of the reserves. The conversion of most of the 3P into 2P is a given. This can be seen over the previous few years worth of reserve upgrades.

Whats more indicative and blusky promising for all CVN shareholders is that they have found 2 new commercially viable oil areas (NSE-F1, L44-R) and 1 new previously unknown oil zone (NSE-A1).

These types of discoveries could have the ability to send the reserves numbers into massive overload. Of course proving them up (and working out targets) is never going to be an overnight story. But I doubt there is anyone who thinks CVN has done little more that scratch the surface of what could be contained within the joint venture boundary's.

Talking recently with some less patient shareholders they believe an extra rig or two would deliver faster results. But from my talking to Ted this can become a logistical management nightmare, as planning targets is not something one wants to rush.

From this shareholders point of view I am very happy to see a continued push for possible high impact exploration wells along with the occasional wildcat well. In areas such as NSE-F1 and L44-R a successful (decent flowing) well would push CVN into a whole new territory.

Current reserves are more than ok, but they are not at the point of where I ultimately want them to be.