CVN 2.56% 19.0¢ carnarvon energy limited

Good points.The problem of huge variability of the periods...

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    Good points.
    The problem of huge variability of the periods between successive TRs is probably as bad right now as its ever been.
    With only 1 rig a 60-day interval might be at the end of the spectrum that would allow the most number of drills in a reporting period,producing some sort of averaging-some good news and some not-so-good news each time.
    With all the types of drilling in the programme now (new V, new S,icd repair jobs,maybe some redrills of the V wells that produced the best initial results) its hard to know ,or even guess at, what they are doing at any point of time- certain result S wells or high risk V punts ,or whatever.
    With POEs success with its L53 licence,and that success likely to be be but a shadow if they finally succeed in Indonesia(the latter drilling now to be funded with significant assistance from L53 oil) its not hard to see the partners drifting apart.CVN needs its own L53,or to grow in a bound from an asset like phoenix.
    Maybe the jV conditions can be renegotiated.....
    I would go along with regular thai reports,definitely favouring the interval being no less than 6 weeks.However we could then see marketwatchers revving the SP up or down at the reporting date approaches- im reasonably sure the partners generally dont want to see this and their random approach to the timing of Thai reports is actually a tactical approach in favour of overall company stability.
 
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