though it would make a move, page-3

Current price likely to last for the next 2 to 3 wks, or at least until we get some flow testing figures released...could even make a triple bottom at .265, depends how desperate/impatient the seller is! He obviously still has plenty!

Have made a preliminary comparison with what CVN have got, and come up with a ballpark figure of 59c for NDO based on reserves and a sp of 75c for CVN, or the CVN operating cashflow (relative to fully diluted issue in both comps).

CVN website has a report by Hartleys (Dec07) which gives you some figures to work a comparison with, but CVN's official reserve estimates won't come out till 1stQ08. Interesting to note Hartleys has a price target of 89c to $1.32 for CVN depending on reserves.

Still, it is quite difficult to get a precise comparison due to things like the quality of the oil CVN are producing (is low and sells at 15% discount to WTI), the royalties and tax scheme prevailing on oil production in Thailand. Royalty of 12.5% to gov on production >2,000 bopd & <20,000 bopd, then pay 50% tax on earnings. Because of this CVN don't pay any tax in Aust on the Thai production.

Still working on it!