is cvn stuffed?, page-15

good question

for what its worth,
cvn sp sitting on a support line from aug 16. 2007

and is looking like a coiled spring over a long term chart.

probably not significant but who knows.

7.27% of shares traded yesterday were shorted,

http://www.asx.com.au/data/shortsell.txt

not a huge volume of shorts,some companies are shorted
40% to 50% of turnover,
are they are running out of steam, otherwise they would
be loading it up knowing they could make a quid.

this is an excerpt from the feb 10 release

Carnarvon is targeting annual production from its L33/43 and
L44/43 Concession assets of 1.0 to 1.5 million barrels of oil
annually to Carnarvon, enabling self funding of the above
expenditure spend and ongoing funding of an exciting exploration
program in Thailand, Australia and Indonesia.
The onshore Thailand drilling program of 34 wells, intending to
grow both reserves and production, will be focused over several
areas:
? Around 50% of the wells will be appraisal and
development wells targeting existing volcanic production
areas including WBExt, L33, NSE and Bo Rang;
? Around 25% of the wells will be development wells within
the WBExt area primarily for enhancement of the
extensive conventional sandstone discoveries; and
? Around 25% of the wells will be exploration in nature,
concentrating on both sandstone and volcanic targets in
the areas adjacent to the NSE, Si Thep and L33 oil
discoveries as well as exploring new play concepts
Carnarvon fully supports the operator, Pan Orient Energy
(?POE?), with the ongoing commitment to our core acreage in
L33/43 and L44/43 Concessions, enabling positive cash flow and
incremental value adds from this long life asset.
Further details on recent well activity can be found in the attached
Thailand Operations Update.
34 Well program for
2011
Firm capital budget of
$26 million net to
Carnarvon fully funded
Well program covers:
? Exploration
? Appraisal, &
? Development
- Volcanic &
- Sandstone
Carnarvon targeting
annual production of
1.0 to 1.5 million
barrels of oil

-------------------------------

if this is the reaction to a duster whats going to happen when " Around 50% of the wells will be appraisal and
development wells targeting existing volcanic production
areas including WBExt, L33, NSE and Bo Rang;"

you just cant keep on pumping oil out of the ground
without finding more reserves and you've got to drill.

cvn is not stuffed , for me it's just getting started with an aggressive program and is finding out just what they
are sitting on.

there will be more dusters in setting out the production limits , we know there is oil in the leases,
we know they are targeting 1.0 to 1.5 mbls annually

and the odds of drilling 33 dud wells are remote in an
oil fairway.

we can only go on the information we are given and
act accordingly,

just my two bob's worth
good luck