CVN - Carnarvon Energy

JTLP · 31 March 2008

Hi guys,

Still no response from the company...but alas we did receive a drilling update today. L44-R has the potential to be a new oilfield discovery...i like the sound of that. The operator has upgraded the status of 2 large volcanic reservoir prospects at Si Thep and Nong Bua.There are now plans to start drill pad construction at Si Thep and Nong Bua immediately.

POE-9A is an appraisal well and is delivering over 200+ barrels an hour, should add nicely to the reserves.

L44H-D2 is currently being drilled to test deep volcanic targets within the Producing Zone of NSE central fault. This well has big potential as it is only 640 metres from the L44-H producing well, which is currently producing over 3,600 bopd.

Just as I finish this i notice a sell order for 100,000 and the price knocked down to .48 cents.

Keeping chugging baby boy

Herms · 31 March 2008

Hey JTLP,

CVN found oil but why do people dump their share?

Anyone have any idea ?

Cheers,

Herms

JTLP · 31 March 2008

Hi Herms,

CVN found very minimal traces of oil from L44-R, but there is the possibilty of a new field there due to the presence of the volcanic structure/fault line (that is from my understanding of the ann...don't quote it!).

My guess as to why the SP dropped is simple...people were probably expecting the L44-R to be a gusher, with BOPD in the hundreds or thousands. When this ann was put out, it wasn't what the Short Term trader's wanted, so they moved out. The delays in the ann had people believing they had found a new oil field...hence a rise in SP

MangaNOID · 31 March 2008

the sp drop was probably the directors selling some of their newly aquired shares which they got for 7cents......perhaps

Herms · 31 March 2008

Hey JTLP,

Thanks for the enlightment. Now I'm ready to go to the Nirvana

It's a shame that such a great company trading for such a low price just my opinion and I hold this stock.

Cheers,

Herms

MS+Tradesim · 31 March 2008

JTLP said:
Hi guys,
POE-9A is an appraisal well and is delivering over 200+ barrels an hour, should add nicely to the reserves.

Be careful. It is not delivering 200+ barrels/hr of oil. That figure is referring to the rate of lost circulation of drilling fluids.

JTLP · 31 March 2008

MS+Tradesim said:
Be careful. It is not delivering 200+ barrels/hr of oil. That figure is referring to the rate of lost circulation of drilling fluids.

Ooops!

You are right MS+Tradesim...my quick glance failed to recognise this! Thanks for that

adobee · 1 April 2008

So can the oil buffs advise if the announcement is good bad or neutral.. I am sure the talk of mud doesnt reflect well across the general market .. there seems to be some upside though ..?

MangaNOID · 2 April 2008

very interesting, I have just been reading through the POE version of the JV announcement that came out monday. an interesting line was left OUT of the CVN announcement about POE9-A appraisal well currently drilling.

"Numerous oil shows have been encountered while drilling thus far."

why would CVN leave this out?

link to maretwire POE ann... http://www.marketwirecanada.com/mw/rel_ca.jsp?id=837819&k=poe

wipz · 2 April 2008

This kind of reminds me when they drilled POE-9 =]
Can't wait till they sink in some development wells into this new area.

Rob 17 · 3 April 2008

Does anyone know why CVN's joint venture partner has fallen so much?

Have the thailand results had anything to do with it?

DYOR

JTLP · 3 April 2008

Rob 17 said:
Does anyone know why CVN's joint venture partner has fallen so much?

Have the thailand results had anything to do with it?

DYOR

By CVN's JV partner I assume you mean POE (but you could be referring to SUR).

Firstly, If POE, I don't look at their chart so I can't tell you...but the few glances I have seen it has had an ALMIGHTY run from September '07. Maybe it's time for a breather? Maybe their shares get traded a lot too? Maybe their other projects in Canada have problems? Decreasing Oil prices? Many many factors.

If you are referring to SUR, then that is pretty self explanatory. SUR basically have a lease, L20/50 with CVN, which is not planning to be tested until late 2008, although they are planning to do aeromagnetic survey's over the concession (pending environmental approval) in April.

They also have a USA exploration program which is only ramping up testing/production at the end of 2008.

Basically, it is a long time for anything to get moving on SUR, and even when it will, it's really only 5 wells to be tested (*that could increase throughout the year through other JV's etc*). People don't like specs in this market volatilty, and SUR doesn't look to have any projects on the G-O atm, hence my reasoning as to the languishing SP.

Thanks!

JTLP

1234 · 5 April 2008

adobee said:
So can the oil buffs advise if the announcement is good bad or neutral.. I am sure the talk of mud doesnt reflect well across the general market .. there seems to be some upside though ..?

It's a neutral 'wait and see', we missed the spot.

The talk of mud is drilling fluid not mud as in, "we're pumping mud not oil". It's actually very good in the context of the an.

The JV are actively ramping up production, have a look at the POE presentation from the Feb London oil conference. They assume 20,000 barrels by end of '08.

Gonna be a big second half of the year.

The dump was from traders who would have sold anyway, regardless of ann.

Riles · 6 April 2008

JTLP said:
If you are referring to SUR, then that is pretty self explanatory. SUR basically have a lease, L20/50 with CVN, which is not planning to be tested until late 2008, although they are planning to do aeromagnetic survey's over the concession (pending environmental approval) in April.

They also have a USA exploration program which is only ramping up testing/production at the end of 2008.

Basically, it is a long time for anything to get moving on SUR, and even when it will, it's really only 5 wells to be tested (*that could increase throughout the year through other JV's etc*). People don't like specs in this market volatilty, and SUR doesn't look to have any projects on the G-O atm, hence my reasoning as to the languishing SP.

Thanks!

JTLP

JTLP, while I agree with you that specs like SUR will be sold off,
With regard to SUR they have more going on than just the L20/50 exploration licence JV with CVN.
Their recent Hartleys report shows that they are currently producing net revenue of $2m pa from their 3 US projects. This alone according to Hartleys underpins the SP at 12cps.
And they are hoping to double revenues from these assets next FY.

In fact they also have their fingers in quite a few other pies and Hartleys goes on to give a risked valuation of 17-23cps with an unrisked upside potential of $2.72

All this unrisked upside comes from future exploration potential, not the least from synergies from CVN’s existing success in Thailand.

I hold CVN and SUR. Their (SUR) languishing SP doesn’t worry me. I’m happy to accumulate more at these prices and hope that next year they will see the same success in Thailand that CVN/POE have had in NSE.

JTLP · 7 April 2008

Riles said:
JTLP, while I agree with you that specs like SUR will be sold off,
With regard to SUR they have more going on than just the L20/50 exploration licence JV with CVN.
Their recent Hartleys report shows that they are currently producing net revenue of $2m pa from their 3 US projects. This alone according to Hartleys underpins the SP at 12cps.
And they are hoping to double revenues from these assets next FY.

In fact they also have their fingers in quite a few other pies and Hartleys goes on to give a risked valuation of 17-23cps with an unrisked upside potential of $2.72

All this unrisked upside comes from future exploration potential, not the least from synergies from CVN’s existing success in Thailand.

I hold CVN and SUR. Their (SUR) languishing SP doesn’t worry me. I’m happy to accumulate more at these prices and hope that next year they will see the same success in Thailand that CVN/POE have had in NSE.

Riles, you'll have to forgive me. I don't follow SUR at all and was just trying to give a quick overview of the situation! CVN are also producing, but unfortunately in these volatile times, small cap producers are overlooked, and I decided to give an announcement type scenario (i.e things to look forward to ppl who hold SUR) and reasons for a drop (impatient ppl who do not like no news/ann's so sell out).

Sorry! No harm to little SUR. If it becomes a CVN type scenario for you Riles then i'd have to say you would be pretty

JTLP

derbon99 · 14 April 2008

Update on reserve for JV partner... Just for you

Pan Orient Announces 2007 Year End Reserves Update
CALGARY, ALBERTA--(Marketwire - April 14, 2008) -

NOT FOR DISSEMINATION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Pan Orient Energy Corp. (TSX VENTUREOE) has released its 2007 year-end combined reserves estimates, including its previously announced Andora heavy oil reserves in Canada (as evaluated by DeGoyler and MacNaughton Canada Limited), and its reserves update in Thailand (as evaluated by Gaffney Cline & Associates Ltd., Singapore). Additionally, Pan Orient's 2007 complete Canadian and Thailand NI-51-101 compliant reserves report filings can be found online at www.sedar.com.

Pan Orient's President and Chief Executive Officer, Jeff Chisholm, stated "We are very pleased with these significant reserve increases, considering that our Na Sanun East appraisal program was only approximately 5 months old at the year end evaluation date. We look forward to expanding the aerial extend of our drilling, as well as testing of the multiple potential oil bearing volcanic zones at NSE."

Highlights:

- Proven Thailand recoverable reserves of 3.85 million barrels of oil, an increase of 614% from 0.54 million barrels in prior year.

- Proven + Probable Thailand recoverable reserves of 17.0 million barrels of oil, an increase of approximately 280% from 4.47 million barrels in prior year.

- Proven + Probable + Possible Thailand recoverable reserves assessed at 68.6 million barrels.

Summary:

JTLP · 14 April 2008

Very nice indeed.

Also to note: Reserve update does include latest drilling etc. Which brings me to my question; how often are reserve estimates/updates completed? Quarterly/bi-annually/annually???

Hopefully this ann would put some of the doubters to bed about CVN's viability and give them a nice boost to the next level.

Maybe an insto or 2 for more backing

money maker · 15 April 2008

TRADING HALT. Off market till Thursday...

Any ideas why ? Surely not in regards to Pan Orients announcement ????

Takeover ???

benwex · 15 April 2008

The note by CVN to the ASX says the trading halt is in relation to an upgrade in reserves to be released later today...

Not a take over IMO..

benwex

Riles · 15 April 2008

It does seem strange they'd request a halt (till Turs) just for the reserves upgrade ann.
Could it be something more?
Drilling updates due around now but once again they could just release these when ready.

Let's hope it something more juicy.

CVN - Carnarvon Energy

Similar threads

Privacy & Transparency

Privacy & Transparency