junior oilers 10/11 may, page-2

Jocam ,your comment regarding CVN

"I think the company should be given some credit for the way it has handled the disappointing results from the Wichian Buri field .."

Was incorrect, The company was very quite about the disappointing results, resulting in market rumours etc. Those who thought "no news, is bad news" was correct and hopefully sold.

It's a test of managements courage if they are willing to publish bad news ASAP, yes markets will react but so they should. Shareholders need to be informed every day if necessary, like when drilling.

At the moment I'm a little concerned with ARQ. Previously, they said they would have 5,000 BOPD by end of the quarter which didn't eventuate. Now they say the end of May, winding up to full production after the end of a test period. Their production graph seems to back up this view although I don't know why we had a dip after testing finished? (testing requirements?) ... Lets see what happens after May.

HDR appraisal drilling of Banda hopefully will confirm oil estimates and that should see HDR back around 70-80. (depending on how much instos manipluate the price)