Just trying to piece this together...
1. On 17 Dec 09 CVN stated that they believed that production levels would increase to between 6,750 and 8,000 bopd gross to the joint venture
2. Pan Orient have now announced that 2010 average production rate of 6,000 bopd (net to Pan orient). This a 30% increase from the 2009 production 4,495 bopd(net to Pan Orient). I've assumed that all of 2009 production was from the JV with CVN therefore total 2009 production was 7491 bopd gross and therefore 2996 net to CVN.
3. Another assumption I've made is the 6,000 bopd net to Pan Orient 2010 average guidance includes 600 bopd from the L53 which CVN has no interest in therefore if I take 6000-600= 5,400 * 1.66 = 9,000 bopd gross to the JV which is higher than the guidance given on 17 Dec.
4. This seems to be due to BR-2ST2 producing at 866 bopd (on top of the 900 bopd from 1st well on 90 day production test) plus NSE G2 producing at 130 bopd - however they stated that the drill string got stuck so they are now drilling NSE G3 which will take 5 days to drill (they didn;t reach targe with G2 so still more upside to come!!)
So on the face it it it all looks good to me, production up, reserves upgrade due in March and a few more announcments coming over the next couple of weeks.
Cheers
Maddoc
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Just trying to piece this together... 1. On 17 Dec 09 CVN stated...
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