CVN - Carnarvon Energy

[adobee]

Reserve Upgrade.. !! At least they have said upgrade this should get some interest from people checking the announcements and trading halts ..
I am suprised that they didnt need to do this at the same time Pan Orient Announces Reserves Update ??? Anyway let keep our fingers crossed that they are big upgrades and grabs some attention !

 

[adobee]

The announcement is for a reserve upgrade will be out later this morning .. will they not then commence trading later this afternoon.. I doubt it will be until Thursday ?!?! Is everyone reading page 2 ?

 

[JTLP]

This is getting interesting.

I discount the takeover view, just don't think the time is right for somebody to try for CVN.

I think it will come down to the fact they were too slow getting the ann out to the market, hence the Halt. Would really love to see some production/drilling updates though!

And again, can anybody answer how often reserves are calculated???

 

[MS+Tradesim]

And again, can anybody answer how often reserves are calculated???

Thai govt. states reserves have to be calculated and certified annually. What didn't seem clear to me from POE's ann was if their calculation was gross for the JV or net for them. Hopefully, CVN will be clearer.

 

[Justthinkin]

You really do need to have a sense of humour in this market. The trading halt was requested by CVN coy secretary pending release of a reserves upgrade announcement 'later this morning'. By my clocks I think even in Perth we have slipped right on by 'this morning' and the suspense builds...

 

[JTLP]

Thai govt. states reserves have to be calculated and certified annually. What didn't seem clear to me from POE's ann was if their calculation was gross for the JV or net for them. Hopefully, CVN will be clearer.

MS+Tradesim; i think you will find that the ANN for POE was net to them. If you read it it says "Net" (I have formatted it below to show you)

Pan Orient Net
Marketable Reserves (mbbl)
Proved Thailand 3,849
Probable Thailand 13,157
Possible Thailand 51,550

Cheers!

JTLP

 

[Jarc]

Pan Orient (their JV partner) up about 8% so far today on the TSX. Bodes well for the reopening.

http://finance.yahoo.com/q?s=POE.V

 

[Aargh!]

Announcement finally out. 300% upgrade to reserves. With a tidy 11.3 million barrels NET to Carnavon

 

[grace]

With oil hitting a new peak overnight over $114, should call for a nice day today for Carnarvon! Ultra glad I picked this over AED!

 

[debaron]

When is CVN going to commence trading? I always assumed that once an ann comes out it automatically means commence trading. Obviously it's not the case here?

 

[JTLP]

When is CVN going to commence trading? I always assumed that once an ann comes out it automatically means commence trading. Obviously it's not the case here?

When the rest of the market opens...10am

I can't wait to see Hartley's new report for a target price.

There old target of 101 cents was based on oil reserves of:

1P = 0.34
2P = 2.83
3P = 30.4

New oil reserves are:
1P = 2.587
2P = 11.377
3P = 45.694

Could we assume a 300% increase on the target price...with rising oil :

No seriously, what could one realistically expect...interesting...

 

[debaron]

ahh.. yes. Sorry qld-er here. Forgot that you no longer have daylight savings down there. My bad.. :

 

[adobee]

I am surprised that with such promising news there are still so many sellers in the 50c range.. ??? Can every stop selling and start buying.. I would like to see the price pushed much higher now !!!!! this has to be the best announcement on any of my stocks in the past six months and there is very little effect so far !

 

[skunkmonkey]

It's a great announcement. But I'm also disappointed in the share price reaction. What will it take now to drive this back over 65 cents?

 

[Jarc]

Hopefully todays rise would have shaken out all the people who needed the cash - so if there's more good news, there might be less resistance.

More drilling news can't be far away, and the holes being drilled are close to existing producers, so I am expecting good success.

Quarterly production and cashflow are also due by the end of April - again these should show healthy numbers - based on their BOPD statements from Jan/Feb

Does anyone think that CVN will start to pay dividends shortly? - What are they going to do with their cashflow above the cost of exploration?

 

[JTLP]

Hopefully todays rise would have shaken out all the people who needed the cash - so if there's more good news, there might be less resistance.

More drilling news can't be far away, and the holes being drilled are close to existing producers, so I am expecting good success.

Quarterly production and cashflow are also due by the end of April - again these should show healthy numbers - based on their BOPD statements from Jan/Feb

Does anyone think that CVN will start to pay dividends shortly? - What are they going to do with their cashflow above the cost of exploration?

LOL i really can't see CVN paying dividends for a few years.

They may be debt free, but they pump that money straight back into exploration and development (which I prefer). They are growing in size, purchasing more blocks and building up a bigger base for themselves...to become "a mid-tier oil and gas producer".

Maybe in 5 years you might get lucky

 

[adobee]

pumping it back it and growing is the way to go ! however announcing a dividend might get some market attention for the company that it previously wouldnt have got ..

 

[kransky]

its been a LONG time since they announced a good drill hole result... and SP has fallen accordingly

some big bopd results and a 3rd drill rig introduced and we should return to previous sp levels in the 70s and maybe the 80s

fingers crossed

 

[derbon99]

News from the JV partner...

Apr 21, 2008 06:22 ETPan Orient Energy Corp.: Thailand Drilling Update
CALGARY, ALBERTA--(Marketwire - April 21, 2008) - Pan Orient Energy Corp. (TSX VENTUREOE) -

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

POE-9A Appraisal Well (60% WI & Operator)

POE-9A vertical appraisal well, located approximately 130 meters south of the NSE discovery well POE-9, was logged after reaching an intermediate casing depth of 1,134 meters. Very severe lost circulation within the main volcanic interval was encountered at 849 and 854 meters with loss rates of 264-280 bbls per hour and 200+ bbls per hour through the remainder of the 65 meter thick interval. A very intensely fractured zone, or cavern, was encountered between 871-881 meters with penetration rates greater than 200 meters per hour.

After setting intermediate casing, drilling continued to a total depth of 1,171 meters. Drilling fluid losses of approximately 90 bbls per hour were encountered at 1,158 meters within a previously untested, new volcanic objective the top of which was penetrated at 1,143 meters. Oil shows and elevated mud gas readings, in combination with the losses noted above, resulted in the decision to terminate drilling and prepare to open hole test this new volcanic zone. Free oil was observed over the shale shakers at surface while circulating the well with the drill bit located near the top of the new volcanic zone. Testing of the deep volcanic objective is anticipated to be completed within 7 to 10 days.

L44H-D2 Appraisal Well (60% WI & Operator)

L44H-D2 deviated appraisal well is currently drilling ahead at a depth of 1,456 meters true vertical depth ("TVD") towards a total depth of approximately 1,800 meters TVD after logging and setting intermediate casing at 1,043 meters TVD, just below the base of an unexpectedly thick (180 meters) main volcanic zone. Very severe lost circulation was encountered in the main volcanic and FMI well bore image logs indicated extensive fracturing in the upper 120 meters of the 180 meter thick volcanic interval. Good oil shows and free oil at surface were observed while drilling this zone.

Two deeper, never before tested volcanic intervals have been encountered at 1,072 and 1,410 meters TVD with thicknesses of 20 and 28 meters respectively and exhibiting oil shows. Drilling is anticipated to encounter a number of additional volcanic targets between the current depth and the planned total depth of 1,800 meters that will be reached at a subsurface location approximately 640 meters northwest of the L44-H producing well. Drilling is anticipated to be completed in approximately 10 days.

NS3-D1 Side Track Appraisal Well (60% WI & Operator)

Upon completion of the POE-9A appraisal well, drilling will commence on the NS3-D1 high angle deviated/horizontal side track. NS3-D1 ST will deviate horizontally north of the original NS3-D1 well bore that penetrated the main volcanic reservoir at the down dip, southernmost extent of the NSE South fault compartment. As part of this operation, the original NS3-D1 well bore will be abandoned and replaced by this new, horizontal side track.

Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand and in Western Canada.

This news release contains forward-looking information. Forward-looking information is generally identifiable by the terminology used, such as "expect", "believe", "estimate", "should", "anticipate" and "potential" or other similar wording. Forward-looking information in this news release includes, but is not limited to, references to: well drilling programs and drilling plans, estimates of reserves and potentially recoverable resources, and information on future production and project start-ups. By their very nature, the forward-looking statements contained in this news release require Pan Orient and its management to make assumptions that may not materialize or that may not be accurate. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties and other factors, which could cause actual results, expectations, achievements or performance to differ materially, including without limitation: imprecision of reserve estimates and estimates of recoverable quantities of oil, changes in project schedules, operating and reservoir performance, the effects of weather and climate change, the results of exploration and development drilling and related activities, demand for oil and gas, commercial negotiations, other technical and economic factors or revisions and other factors, many of which are beyond the control of Pan Orient. Although Pan Orient believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct.

45,247,442 common shares issued


The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 

[jonojpsg]

With oil hitting a new peak overnight over $114, should call for a nice day today for Carnarvon! Ultra glad I picked this over AED!

Interesting that you still think that Grace. Although there is a little uncertainty with the approval of the Sino buyout of 60% of the Puffin field, the numbers as they are now would support AED over CVN.

AEDs reserves of the order of 40m barrels, producing say 8000bopd of which 40% will be AEDs gives 3200bopd. Current MC is AED $350m and CVN is $370m while AED will have about that in cash after deal goes through and they pay off debt. I would say this places AED in number 1 spot

Give it 6 months and we'll see