Auto,You are right there is an apparent disconnect. The market...

Auto,

You are right there is an apparent disconnect. The market has long been grappling with that, although the latest dive indicates refreshed concern.

The other thing to watch with CVN atm is the cash position. The last quarter net cash dropped nearly $8mm. I expect a much bigger drop this Q as May is a big tax month, and the March Q a light one, plus revenue likely to be lower.

I am not the best judge on this one, as I am swimming in red which tends to dull ones senses.

The hope with production is that a few sandstone wells will get us back to a reliable stable base covering much of our core costs, however it is important to recognise that that will only be a small reserves story. Valueing the large (volcanics) reserves story will remain a gamble.

Maybe best to derive a core value based on 1P plus sandstone 2P. Need to delve into the POE reserves report to put that together.

EL