profit take, page-5

I've been holding for quite a while now but haven't posted much on CVN lately. I'm quite tempted to sell into this current rally but not sure when to pull the trigger.

The announcement that did it for me was on the 31st March when production dropped and water cut had risen to 15% overall, the drop off was faster than I was expecting. If you've been holding for a while you'll remember the charts of the discovery well (POE-9 from memory) showing its rate of decline. So it was obvious that these newer wells were falling off much faster, maybe from drilling so close together or just from volcanics typically declining/watering out fast.

On the other side I've always liked that they are constantly drilling with 2 rigs and a recent announcement shows they have a solid forward drilling program. They've also been increasing reserves but it might be time for me to move on.