CVN 0.00% 14.5¢ carnarvon petroleum limited

CVN,bargain of issue,Quenton Cameron

  1. 235 Posts.
    Quenton Camerons latest report lists CVN as.... "bargain of the issue"..(see excerpt from his monthly newsletter below)
    Not sure what this guys record is....but he makes it sound ok anyway...I hold a few btw.

    Quenton Cameron
    THIS ISSUE’S TOP BARGAIN
    CARNARVON PETROLEUM (CVN)
    It has to be Carnarvon Petroleum (CVN) again, and
    the bulletin makes no apologies for that as this is
    without question, the TOP BARGAIN of this, or any
    other year, as far as it’s concerned. The bulletin is
    very well aware of the dangers in saying things like
    that but, really, it only needs just a normal amount
    of good fortune for this to turn out to be quite an
    exceptional recommendation. The normal amount
    of good fortune needed is for the fraccing
    programme planned for CVN’s Thailand oil field, to
    do what it has done on similar reservoirs countless
    times before and, surely, that is not too much to
    expect seeing it is to be closely supervised by
    acknowledged experts in the method that is to be
    used. There is no “cutting edge” technology
    involved here, being just normal oilfield practice
    that has worked, the bulletin must repeat, on similar
    reservoirs many times before, and there is no
    reason in the whole wide world why it should not
    work on this particular reservoir. If the expected
    does happen, this procedure should first boost field
    production from existing wells from the present 200
    barrels a day or thereabouts, to what is hoped will
    be at least 400 b/d. Immediately following these
    workovers, which should start in a matter of weeks
    at the longest, four development wells are to be
    drilled back-to-back, with the same fraccing
    procedure to be carried out on their oil reservoirs.
    This is expected to get field production up to a
    minimum 1,000 b/d, of which the CVN share will be
    400 b/d, as early as August/September if everything
    goes according to plan which does seem likely from
    what the bulletin hears. It seems worth pointing out
    that CVN and its partner, Pacific Tiger Energy, have
    yet to drill a dry hole on this acreage. While oil
    production of 400 b/d is surely unheard of for a
    company with CVN’s miniscule market
    capitalisation, it should be emphasised that the
    break-even point for this extremely low cost oil field
    is field production of just 100 b/d, after which the
    net return for each company should be an
    incredible $14 to $15 a barrel, and the bulletin is not
    only talking UNITED STATES dollars, but also an oil
    price not as inflated as it is now. The bulletin should
    add it is now completely satisfied there are no
    grounds whatsoever, for the bad-mouthing of
    management referred to in the last issue. It also
    seems worth mentioning that the chief executive, a
    highly qualified petroleum engineer, has personally
    invested heavily in CVN, having acquired around
    three million shares in the last twelve months.

    Surely, taking all these things into account, and
    CVN’s pitifully low share price, this just has to be
    not only the TOP BARGAIN of the year so far, but
    also in the bulletin’s memory. Things, of course,
    can go wrong, but is there really any reason why
    they should? This looks so much of a “sure thing”
    that it’s worrying, but at least there’s not too long to
    wait to see if this is one “sure thing” that actually
    comes off.


 
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