Nope, can't say I saw any reason to get back in.
Seems to me that they have indicated production will continue to decline this quarter and probably next. Sure they are drilling exploratory wells and firming up reserves, but peak production was built around a bunch of wells producing up to 4,000 bopd, and the recent wells have been producing up to 500 bopd. With natural decline (I'd like some info on exactly how fast their key wells are declining) at a somewhat unknown rate, and no new gushers coming online from new areas, it's not a buy at this stage (more from a time perspective than a price perspective).
Definitely keeping an eye on CVN's progress, and I hope the story and news compels me to buy again someday. Some time away IMHO.
todays update, page-19
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Last
15.5¢ |
Change
0.000(0.00%) |
Mkt cap ! $277.3M | |||
| Open | High | Low | Value | Volume |
| 15.0¢ | 15.5¢ | 15.0¢ | $265.5K | 1.746M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 2 | 66750 | 15.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 15.5¢ | 2227430 | 6 |
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| Last trade - 16.10pm 07/08/2024 (20 minute delay) ? |
| CVN (ASX) Chart |