There are a couple of aspects of the current buying frenzy...

There are a couple of aspects of the current buying frenzy involving the West Eregulla (Perth Basin gas) stocks Warrego and Strike Energy that CVN shareholders should take notice of.
Strike has done a fascinating comparison of about 15 WA energy stocks by converting their Enterprise value (EV= Mkt cap-cash holding) into a value per barrel of oil equivalent. The figure for CVN was $1,60 which was the third lowest measure of any of the stocks included in the study, The 2 cheaper stocks on this measure are both gas exploration minnows, The range for the larger stocks were between $6 and $12 per Barrel of oil equivalent. The reason for CVN s low valuation would seem to be related to the inability of Santos /CVN to announce a timetable for production at Dorado. I recommend a look at the Strike Energy report.
The other point is that it provides a classic example of what happens when an undervalued energy stock, in this case WGO gets a first takeover offer. Suddenly bids come from everywhere, in the case of WGO within a week of the initial bid 2 other bidders have emerged and the highest bid has gone from 20 cents to 28 cents , WGOs J/v partner Strike Energy hasnt even receieved a bid yet (it surely will soon)yet its SP has already gone up by about 30%!
If CVN ever gets a T/O bid (and I believe it will given its grossly undervalued status) there will be bidders coming out of the woodwork everywhere