Slick, classy..& that was just Adrian's tie.

Good afternoon everyone.

I have just returned from the AGM and I still can't work out which was more impressive.
The credentials of our talented board, the presentation they all delivered.....or Adrian's spectacular orange tie.

Needless to say, all left a lasting impression and as per last year, here are the dot points and in no particular order:

* Our 'free carry' of 70 million, is in US dollars. Its actually  $100 million when converted to AUD.
* Even though Quadrant is operator, CVN will be driving ROC's news flow and Adrian intends to release weekly updates.
* Adrian reminded everyone that we are not an oil producer. Sentiment aside, the current low oil price is nothing more than an opportunity for us and the board is currently looking to exploit that with many different possibilities currently in the pipeline.
* Phoenix testing results are far more complex than any layman can possibly comprehend. Even though more time is required, this should not necessarily be construed as a negative.
* ROC is, was and has always been, the #1 target. 500m shallower and with far better geology than Phoenix.
* A new target has been identified in our Cerberus block that's looking as good, if not better than ROC.
* Total depth for ROC will be pretty much right on Christmas time.
* As one of the top 5 option holders himself and realising the potential impact on CVN's share price with the ROC results, Adrian has tried every legal option available to him, to extend the expiry date of the options, but can't.
* On success, ROC will be re-entered and more thoroughly appraised, in just 9 months time.
* Adrian believes Carnarvon is currently the best buy on the ASX.

And after the meeting I had a chance to talk to Adrian personally:

* He watches the register like a hawk and is well aware of the selling. He noted with interest, the cross trade for 5.2 million this morning.
* Up until now, selling has largely been just retail.
* Adrian is receiving regular phone calls from "groups" wanting enormous parcels of shares (up to 50 million at a time). He has advised them to buy 'on market' like everyone else, but they know that by doing so, they'll send the share price through the roof. My summation here was that there is one or more who are trying to position for a takeover and are working out how to get a big enough stake, to set the ball rolling.
* Quadrant has a chance of success for ROC at much higher than the reported 42%. Adrian personally feels its a 50% chance and he reminded me of the standard, industry exploration percentage of 10%. This was followed by a long look......if you get my drift.
* I thanked him and moved on, as there were many who also wanted a piece of his time.


I thought last year's meeting was impressive, but this year topped it.
We have an extraordinary team on the board, headed up by a man who comes across as hard working, honest and extremely respectful of both his management and us...the shareholders.