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CVN - Carnarvon Energy

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imaginator said:
Ok guys, lets talk about the future of CVN. Anymore new drilling reports coming up? When is the next? How many next year?
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WB-1 Deep (which sounds like a very promissing well) - is due in just over a week. 30 or so more wells next year. So it will pretty much be fornightly results all year
 

CVN have become a bottom drawer stock for me now and I'll be looking to buy more in the 'dips'. JV Management have shown they can perform - great drilling success rate, many new wells coming up and new fields for the longer term. Happy Daze.
 
Hmmm, 66c close is all it could manage. I'm a little dissapointed with that. What does it take to get the market excited?
Oh well, results are in the bag. Reserve upgrades will be significant. Hartleys and FP will be writing up an ammended valuation. Plenty of upside from here.
 

Yes, I agree. Just buy some more if the market didn't react as it should have. If it falls back to 60c I will.
 
grace said:
Yes, I agree. Just buy some more if the market didn't react as it should have. If it falls back to 60c I will.
Click to expand...

yeah, just like the last time it went from 0.6 to 0.48, I should've bought more! Even with my credit card cash out I wouldnt regret it! And then sell at 0.7 yesterday, would have been a return so big I can't calculate the % since I started with not my own money.
 
I'm not too good at selling, but I did buy some at 46-47.5 on the recent dip so I got that bit right.

Actually I'm kinda happy the price didn't spike like crazy on the announcement. I would've probably feaked out and started selling and buying and selling and ultimately come out of it with about half my original position and a massive tax bill!

Nope. Long term hold for me and hopefully never have to get the urge sell any.
 
Hey speaking about low prices, this afternoon the ASX got hit.

CVN is only .645 now, looks really good price to enter again......

What do u guys think?

my fingers getting itchy.........
 
The WD well results are due around a weeks time so sometime this week will be a good time to get in... This is another 200m or so of volcanics... so could be big.... again.
 
Recently, I finally bought into Carnarvon Petroleum (CNV) at 66 cents based on their last outstanding report that indicated that CVN has so much oil at record psi that the tankers could not keep up with the record level capacity! IMO the CVN sp will soon increase and CVN may be re-rated in the near future especially if more outstanding drilling results and reports are released. Recently I bought some TLM, TAM, CVN, plus I have some NIP, AGM and BHP.

Link to CVN L44H-D1131207 Report:
http://www.carnarvonpetroleum.com/docs/L44H-D1131207.pdf

13 December 2007
Company Announcements Office
ASX Limited
Via ASX Online
Dear Sirs

L44H-D1 RECORD PRODUCTION AT 3,940 BOPD
L44H-D1 (Carnarvon 40%)
The deviated well L44H-D1 is now flowing at a sustained, stabilised rate of approximately 3,940 barrels per day of 35.5 degree API oil with a minimal water cut of 0.05%. The well is free flowing through casing and tubing with a restricted choke setting of 38/64” and 26/64” respectively. Flowing wellhead pressures on casing and tubing remain high at 280-285 psi indicating the well has a flow capability greater than the current choked rate. Load out of oil tankers from the well location is the determining factor in not taking production higher at this stage.
Thailand Department of Mineral Fuels has commented that this is the highest flow rate ever achieved by any oil well drilled onshore Thailand.
The L44H-D1 well reached a total measured depth (“MD”) of 1,217 meters, 866 meters true vertical depth (“TVD”), at a subsurface location approximately 700 meters north of the oil producing well L44-H located within the central fault compartment of the Na Sanun East Oil Field (“NSE”). The top of the main volcanic reservoir was penetrated at a depth of approximately 1,016 meters MD (755 meters TVD) with over 200 meters measured thickness (111 meters true vertical thickness) of the target volcanic reservoir penetrated. The drill bit was still drilling within the main target volcanic reservoir when the decision was made that sufficient reservoir had been penetrated and to call total depth on the well. L44HD1 is the structurally highest volcanic reservoir penetration within the NSE field encountered to date. Total drilling fluid losses of 9,385 bbls at rates of 100 to 260 bbls/hr were observed while drilling through the main target. Wiper trips at 1,155 meters MD and 1,217 meters MD had resulted in oil to surface. This was the third well drilled into NSE’s central fault compartment. These test results at L44H-D1 confirm an oil column at NSE of a minimum of 150 meters.

Looking forward, the implications of this well on NSE field development are significant. L44H-D1 was a highly deviated well (approximately 51 degrees) at the top of the main volcanic objective. Based on these results, consideration is being given to full NSE field development utilising up to 12 horizontal wells. The potential advantages of horizontal drilling being: 1) maximum reservoir thickness penetration 2) improved access to the extensive fracture network 3) less drawdown at higher rates, and 4) greater distance between the well bore and the oil/water contact, likely reducing the time to water breakthrough.

NS6-D1A SIDETRACK (Carnarvon 40%)
Sidetracked well, NS6-D1A is free flowing 35.5 API oil at a stabilized pre-cleanup rate of 615 bopd with choke setting of 18/64” on both casing and tubing. Flowing wellhead pressures are between 150 and 120 psi and water cut is low at approximately 0.05%. NS6-D1A is located within the south fault compartment of the NSE structural closure approximately 400 meters north of the original POE-9 discovery well. The well penetrated approximately 23 meters of the main volcanic target with mud losses at rates of 20 bbl/hr. This was the fifth well drilled into NSE’s southern fault compartment.

WICHIAN BURI-1 (DEEP) (Carnarvon 40%)
The Aztec #14 rig is drilling ahead at a depth of 900 meters after setting 9 5/8” casing at 362 metres. Drilling is anticipated to take approximately 8 days to reach total depth.
WB-1 (Deep) is targeting an approximately 220 metre thick volcanic section at a depth of 1,503 meters. This interval was penetrated by the original WB-1 well in 1988, resulting in severe lost circulation with approximately 20,000 bbls of drilling fluid losses associated with very high mud gas readings. Subsequent sidewall cores taken over this interval indicated oil staining. The previous operator did not evaluate this deeper volcanic zone in WB-1 but completed the shallower conventional F sandstone reservoir which tested oil at 500 bopd and is still producing oil 19 years on.

PRODUCTION OUTLOOK
Current field production capacity is now greater than 10,000 bopd gross (4,000 bopd net to Carnarvon) with average deliveries to the refinery of between 5,500-6,000 bopd gross (2,200-2,400 bopd net), limited by the capacity of the tanker fleet. Delivery is anticipated to increase to 7,000 bopd gross (2,800 bopd net) in late December 2007. The use of a new
loading bay at the existing refinery has been negotiated, bringing the refinery capacity up to approximately 10,000 bopd gross. Upon approval of the NSE production license by the Thailand Department of Mineral Fuels, a second refinery contract is anticipated to be signed, bringing the total refinery unloading capacity to over 20,000 bopd gross.

A number of options are being evaluated to reduce the trucking capacity bottleneck as quickly as possible. This is a short term issue caused by the rapid success of high well deliverabilities far in excess of initial expectations.

CEO COMMENT
The Carnarvon CEO Ted Jacobson commented: “Once again the Na Sanun East Field has delivered a pleasant surprise with the L44H-D1 well flowing at a record rate of near on 4,000 bopd. Although sales of oil is currently restricted to between 5,500 to 6,000 bopd by infrastructure limitations, the operator Pan Orient is working hard to significantly upgrade production facilities over the coming months with significant results already being achieved.

Located around 10-15 kms to the northwest, the Wichian Buri structure is separate to the Na Sanun and Na Sanun East structures. The WB-1 (Deep) well, currently being drilled on the Wichian Buri structure, is an evaluation of a volcanic reservoir drilled in 1988 by a previous joint venture. The degree of mud losses and oil staining in the previously drilled well WB-1 is encouraging for possible good flow rates in this new well WB-1 (Deep).

This has certainly been an exciting year with production deliverability increasing from 300 bopd in January to current estimate of around 10,000 bopd. Carnarvon is anticipating continued activity through 2008 with between 20 to 30 more wells to be drilled over the next 12 months.”


Carnarvon Petroleum Limited
RA Anderson
Company Secretary’
 
Does anyone know if CVN have anything to do with that "mo-fo" ocean rig being constructed in the first link?
 
shaunm said:
Does anyone know if CVN have anything to do with that "mo-fo" ocean rig being constructed in the first link?
Click to expand...

I don't think so. I should have been clearer. The point of the links is to provide background info on the energy/oil market in Thailand and the growing demand. This is the market environment in which the Thai JV is progressing.
 
Just wondering if any newspapers has written up an article about CVN's amazing record find in Thailand.

IMO it seems the market is a few steps behind this one.

DYOR
 
picked up some at $0.595 ....

I just wonder how big of a effect can the big market bring to CVN...
 
villemus said:
picked up some at $0.595 ....

I just wonder how big of a effect can the big market bring to CVN...
Click to expand...

Obviously on massive down days like yesterday and today, 99% of stocks are going to be affected.

What you have to remember with CVN are the fundamentals, management and proven strike rates/successes to date.
Although subject to drops (just like the rest of the market) I am quite hopeful they will weather the storm, and, once things start to relax (LOL whenever that is) hopefully we can see some new highs being set. They are currently waiting on some drill results WB-1 and a production license, so things are still in check...

All in all...DYOR
 
More good news to CVN holders - apparently they have just been awarded the rights to Phitsanulok Basin.

"Thailand grants 11 petroleum exploration rights
BANGKOK, Dec 18 (Reuters) - The Thai government approved on Tuesday 11 petroleum exploration concessions for 13 blocks -- 11 onshore and two in the Gulf of Thailand -- in the country's latest round of bidding.

London-listed Salamander Energy (E&P) Ltd was given the rights to onshore block L15/50 to and Malaysia's Mitra Energy Ltd and Northern Gulf Oil (Thailand) Ltd were each allocated two onshore blocks, it said in a statement.

TPI Polene Power, a unit of Thailand's TPI Polene got rights to block L29/50 and Australia's Carnarvon Petroleum Ltd. (CVN.AX


CARNARVON PETR19 December,200719/12/2007 00:15 Sydney, Australia.
Value Change % Change
0.650 +0.010 +1.560%

Company overview
Real-time quote
CVN.AX , 0.650, +0.010, +1.560%) and Sun Resources NL (SUR.AX
SUN RESOURCES19 December,200719/12/2007 00:15 Sydney, Australia.
Value Change % Change
0.110 -0.005 -4.350%

Company overview
Real-time quote
SUR.AX , 0.110, -0.005, -4.350%) jointly received rights to onshore block L20/50."


And from a previous CVN ann (for background on the block):

"Carnarvon Petroleum submitted an application with the Department of Mineral Fuels (?DMF?) in Thailand for concession rights in petroleum exploration and production for the area known as Block L20/50 onshore Thailand in the Phitsanulok Basin on behalf of a joint venture comprising Carnarvon as operator and Sun Resources NL (?Sun Resources?) each with 50% participating interest. Carnarvon and Sun Resources are the only applicants for this block.
The Concession covers an area of 3,947 km? and is located approximately 50 km west of Carnarvon?s current permits onshore Thailand. The Concession is also around 30km southeast and on trend with the large onshore Sirikit oil and gas fields which have produced over 150 million barrels of oil to date and are still producing at 20,000 bopd."


Oh happy days
 
Sounds very positive how come it hasnt been released as an annoucement as yet ??

I was pleased as a new comer on cvn (buy in at 65c friday) to see it have some strength against the strong drops yesterday morning..
 
Where did you come across that release chewy?
I just bought more SUR yesterday so I would expect this news to have an immediate effect on their SP, and CVN's too.
That is great news. Something to look forward to in a couple of years. By then CVN would have great expertise in the area. I'm sure both co's will be eager to get moving asap in L20/50.
Bring on the ann.
 
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