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CVN - Carnarvon Energy

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The market is really waiting to see audited reserves but indicated reserves reveal CVN to be extremely undervalued and thats without even scratching the surface of the JVs in Thailand. So much upside and scope and as Jeff Chisolm said in the interview this is all without testing the other zones in the holes which potentially could contain "black gold". I must find out if the oil is waxy as it was in Wichian Buri field. Having a sample of the Wichian Buri oil I was surprised how waxy it was which caused some issues. No doubt CVN will get a bit of attention this week even with a turbulent up and down market.
 
NS5-D1 DEVELOPMENT WELL
The NS5-D1 well, which is located approximately 400 metres south of the L44-H producing well within the central fault compartment of the Na Sanun East oil field, has been drilled as a deviated development well to a depth of 906 metres (true vertical depth (“TVD”)). The target volcanic reservoir which was intersected at a depth of 878 metres TVD has shown severe lost circulation while drilling through approximately 46 metres (measured thickness) of potential reservoir. Drilling mud losses totaled approximately 6,222 bbls at loss rates of 165 to 206 bbls/hr. Conventional logs have been run which indicate this to be the best potential volcanic reservoir section encountered to date within the Na Sanun East field.
In addition, a new potential reservoir zone approximately 60 metres in measured thickness (33 metres true vertical thickness) of interpreted highly porous and fractured volcanic tuffs, was encountered above the aforementioned main volcanic reservoir section. Severe lost circulation with high mud gas readings and live oil at surface was encountered over this interval at 1,100, 1122.5, 1130 and 1,149 metres (measured depth (“MD”)) with corresponding mud losses of 14, 105, 77 and 85 bbls/hr. A similar porous section was previously encountered at POE-9 where a highly fractured 25 metre thick tuff exhibiting severe lost circulation was encountered above the main volcanic target. This was not tested at the time. The intersection of this unit in two wells has additional significance which will warrant flow testing, however, flow testing of the main volcanic
zone will take preference in this well.
 
Looks like last week it didnt go lower as people expected, instead it went to 0.47 and quickly shot up.
Wow, today its already 0.56.

Does anyone think this is still a good price to jump in?
Are there any target prices from any reports from brokers or investment banks?


Im very happy I bought more last week at 0.47.
 
I still think this stock is cheap, just because of the potiential that its thailand operations hold. If you scroll through past announcements you can see the JV strike rate is extremely high in the thailand operations and from my point of view i think they are going to struggle not finding oil.. If NS6 is also successful CVN is going to fly high and in 08 they start exploring their Aussie tenements, cant see this stock being any cheaper if they hit some oil in Aus as well. Great fundamentals, Ted knows his sh*t!!
Cheers

(I firmly hold)
 
yeah i also hold a reasonable package...i am thinking of purchasing the same amount again...what i like about the price of the stock is that it doesnt seem to have any speculation in the current price like other oil/gas stocks i have followed. they're producing well in advance of plans/self funded/with a stronger and larger jv partner and apparently have some guy leading thailand that has been there and done that...to me the main reason for buying more of this stock is because of the small risk at a low price with really big potential...
 
I topped up again at .535 today. I hold a decent sized parcel now. I like this company alot. The share price has been moving up in the right direction on results.

What we need now is for NS5 to flow.

CVN run a very cost effective operation. Operating cost= US$10bbl reducing with flow additions.

The only down side of this company is i am losing sleep watching POE LOL

If anyone has any recent newspaper articles about CVN operations and prospects can they post a link.

Regards
Robert

DYOR
 
Yeah I too bought more today @ 54.5.
I've bought parcels at low teens, low 20's, low 30's, low 40's and now into the 50's. Each time they release results I peg another line of support under the price and happily buy more.
The next announcement is always just around the corner and they are shooting fish in a barrel at the moment with their success rate.

The update today suggests NS5-D1 could be their best yet (again!).

"severe lost circulation while drilling through approximately 46 metres
(measured thickness) of potential reservoir. Drilling mud losses totaled approximately
6,222 bbls at loss rates of 165 to 206 bbls/hr. Conventional logs have been run which
indicate this to be the best potential volcanic reservoir section encountered to date within
the Na Sanun East field."
 
I jumped in today at .525

Been skipping the CVN thread for weeks now till i finally spent the time and read this thread and looked at the charts and then became quite mad with myself that i had not paid attention to CVN much EARLIER!!!!!

But better late than never!
 

Reading that there is a very good chance that CVN is going to continue north, which is why I picked up another 100000 @ 0.54. Notice the oil price once again shows nothing but an upward spiral with the US$100 a barrel price semming imminent.

With ldecent strikes in the next 6 wells before the EOY its hard not to see CVN not pushing the 80c/90c+ mark IMO. As mentioned by Fat Profits they "where" value at up to 0.77c before anymore success, and all this with 2000km sq in the joint JV so the targets are far from exhausted.

We would have to see a complete failure in either the "market" or "well strike rates" and neither outcome looks likely. You have to say the Oz economy and the mining bonanza with high commodities are really putting Oz in a position where the worlds biggest market (USA) maybe sneezing but we are looking like we are well vaccinated.
 
Has seen 58.5c today, with buy side 2:1

Signs look great!

Topped up again yesterday after close...
 
I too topped up today again at 58c, at this point i am chucking every spare cent into CVN.
Next week will be good to hear the results of NS5 and NS6.
 
I just watched an interview on www.BNN.ca with Jeff Chisholm the CEO of POE. He mentions that POE believe the JV has the 2nd biggest oil reserve in Thailand. The analyst also involved in the interview mentions that he expects the JV to be producing 77,000 barrels per day (Jeff rekons 36,000 barrels per day) in 2008. Not sure if he is talking net to POE or net to the JV, worst case that is like 10x what they are currently producing. Very solid news!

For anyone interested here is the link, the interview starts around the 5 min mark. The title of the video is "Commodities Report [11-02-07 11:30 AM ET]" :

http://www.bnn.ca/shows/past_archive.tv?day=fri
 

And remember cgf that we still have another 2000 sq km north of this current block to drill the hell out of. 6 more wells to go this year, i can not wait!! Good times ahead!
 

Wipz, ur out on ur numbers a touch!!... Read my post from a few days ago

7500bbls a day - Nett to POE, extra over to the current 3600 odd

a bit spekky ..
 
Calm down Wipz,
the interviewer mentioned an estimate of an extra 7000 bopd next year (not 77000!).
The first interviewer initially mentioned 4500 extra barrels and Jeff said this was conservative. They were talking net to POE. POE are currently at 3600 bopd.

The way things are going I think another 7000 bopd is conservative IMHO.

They probably only need half a dozen more producing wells to add the 7000 bopd and they are doing 6 more wells before the end of this year.
 
Carnarvon had some strong vol yesterday. It was a solid innings. (David Boon would be proud of) Today should be a good test too. Looks like theres a few clouds around but we should get some play.

DYOR
 
OH damn!! hahahaha i am somewhat dissapointed now, I must have been really really tired or something last night and starting to imagine things Oh well still good news, however may have to put the ferrari on hold for a few more years. I too believe 7,000 net to POE is conservative (would be ~12,000 net to the JV - we are nearly there!)
 
Iam kinda new to the stock market, I bought into CVN yesterday at .58 . Was that a good price?, it seems like the right time to buy them
 
hbk2015 said:
Iam kinda new to the stock market, I bought into CVN yesterday at .58 . Was that a good price?, it seems like the right time to buy them
Click to expand...

Well If you're new, I hope you didn't sell today!

CVN has done very well on past results. Future looks bright, oil is getting expensive and the US$ is in our favor.

The Dow however, is not!!


Good luck, let's see what tomorrow brings
 
1234 said:
Well If you're new, I hope you didn't sell today!

CVN has done very well on past results. Future looks bright, oil is getting expensive and the US$ is in our favor.

The Dow however, is not!!


Good luck, let's see what tomorrow brings
Click to expand...
Unlike some scaremongers I don't believe the USA is heading for a recession, mainly because the US market is still wealthy and these loans are not the whole market, not to mention FED will continue to cut interest rates. At worse its a correction, until the depth of the high risk loans become known. I still believe the USA is slowly loosing its No1 status to upcoming powerhouses such as China. Oz is one of those countries in the best position to be gaining a large long term share of this upcoming Asian market. Look at how cashed up our mining section is with deals like Jubilee, Rio, BHP etc This country only has to keep peoples borrowings in check (to their incomes) and not let inflation take hold.

Look at the current avg wealth per person in Oz vs the USA. Its clear to see we have turned a corner to become one of the greatest power to weight economic success stories of the past decade. We certainly don't have the poverty dramas of other comparable countries and we now have the lowest unemployment for a very long time. If we started to see significant rises in unemployment then we know we are heading the wrong way.

Gee CVN is holding ultra strong in the 0.58/0.59 range even with no results and the day traders thinking they are bunnies in the headlights of the USA sub-prime mortgage market. You would not be touching non institutional loan stock with a barge pole as they work out who/which is overexposed. Thankfully CVN is printing its own currency (black gold) and is looking better and better every day. Bugger I had no extra $$ to pickup more CVN on yesterdays down turn market effect.
 
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