CVN 3.08% 31.5¢ carnarvon petroleum limited

CVN Moving, page-4

  1. 1,317 Posts.
    I rang the company 12 july but no one was around to answer my question about the next attempt to fracture the WB-N2 well. It was scheduled for mid July according to an earlier press release so must be getting close. I was asked to ring again on Monday.

    If Carnarvon is to realise its potential in Thailand it has to get production from current wells up from a reported current level of 200 bopd (of which CVN takes 40%). At this level CVN is just burning cash IMO. Company had $750,000 in hand at end of March but by my back of the enveloppe calculations may have chewed up half of that in June quarter given that WB-N2 would have been out of production for a period before and after failed fracc attempt. Company maintains it has 30 mb potential in a 4 square km area of lease with remaining 37 square kms to be explored so some blue sky there.
    Good thing is it has arranged for US$2.0 million in financing from Gemini Oil and Gas Ltd for a program of 4 production wells in this half year. Gemini does not throw its money around lightly so that is an expression of confidence. CVN also has an interest in EP110 in Carnavon Basin over which it was shooting seismic. Results should have been known by now. And it is trying to sell off its PNG gas interests.

    CVN has been a best buy in Quentin Cameron's Oil and Gas Bulletin on grounds that frac will eventually be successful given this is a tried and proven oil field procedure to lift production. Hope so as I hold CVN. Company could reward patient share holders but it is not one to set the adrenelin flowing, no 5 bagger here in short term at least. JBC
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