CVN - Carnarvon Energy

[seasprite]

yeah , thanks Real1ty .
Sorry Dukey , didn't explain myself too well , when I made my post POO was at $33.20 and was looking to go down further , but has since recovered.

CVN is so far a machine , alot of support and has been in stalemate for most of the day. Glad I topped up the other day.

 

[Dukey]

yeah , thanks Real1ty .
Sorry Dukey , didn't explain myself too well , when I made my post POO was at $33.20 and was looking to go down further , but has since recovered.

CVN is so far a machine , alot of support and has been in stalemate for most of the day. Glad I topped up the other day.

No probs - my speed reading was a bit off. Can't wait for some of oil/gas stocks to jump when the POO heads north again!! CVN will be off like a rocket I'd think when that happens.

 

[seasprite]

refer http://www.latentpet.com/_content/documents/545.pdf , latent petroleum set to drill warro gas field this week in EP321,EP407 . CVN have Overriding Royalty Interest of 2.5% net wellhead value.

 

[Miner]

refer http://www.latentpet.com/_content/documents/545.pdf , latent petroleum set to drill warro gas field this week in EP321,EP407 . CVN have Overriding Royalty Interest of 2.5% net wellhead value.

Good info Seasprite

I am not sure if that news has or could relate to the attached news dated 23 Jan 09 of Mr Ken Judge Selling 2 million shares on the market - opportunity or something he knows? There was no discussion on this forum about this either . Dunn No

 

[seasprite]

I am not sure if that news has or could relate to the attached news dated 23 Jan 09 of Mr Ken Judge Selling 2 million shares on the market - opportunity or something he knows? There was no discussion on this forum about this either . Dunn No

Mr Judge has fingers in all sorts of pies , it was his indirect interest through Hamilton Capital that he is CEO of . Mr Judge is a non executive director of CVN and from memory he only received 56K in salary last year compared to Ted's 400K or so . Like most holder's , I think the sooner he is gone the better. I for one did not vote him back.

Bigger picture is Judge is not selling because CVN is a bad investment , it is probably due to his investments elsewhere.

CVN's quarterly result is due on the 30th Jan or there abouts .

 

[doogie_goes_off]

Quarterly figures will be interesting, the Oil price hasn't been great but the exchange rate will have helped the $AUD profits up a little. Still producing at low cost so goodbye Mr Judge, we don't care if you don't want to share the long term gain. Good spot on the 2.5% royalty deal Seasprite.

 

[seasprite]

Latest Euroz broker report dated 28 Jan 09 refer http://www.carnarvonpetroleum.com/docs/CVN_RQ_Jan09.pdf

 

[doogie_goes_off]

Nice solid buy reccomendation, makes a PE ratio of 6-7 look cheap (more like 4-5 if earnings continue to grow). Makes me consider accumulating some more.

 

[seasprite]

Nice solid buy reccomendation, makes a PE ratio of 6-7 look cheap (more like 4-5 if earnings continue to grow). Makes me consider accumulating some more.

hopefully Quarterly out today. I'm not reading too much into this broker report , this next quarterly will produce facts rather than opinion based on a stagnant POO of US$35 (that Euroz quote) ,with a good indication of CVN's direction.
Can only imagine it will be all good news.

 

[seasprite]

For Carnarvon Petroleum quarterly report refer http://www.asx.com.au/asxpdf/20090130/pdf/31ft15crv8sb7k.pdf

$71m cash at bank as opposed to $55m Euroz quote

 

[magnale]

I'm very excited ! I suppose we are all rather wondering how long all this turmoil is going to last : but as soon as it does wow...

 

[Dukey]

Havn't even had time to look at the Qtly yet - but I'm expecting a big year from CVN - esp. when the POO turns back up again!!
... exited - well I try not to be - leads to irrational decisions!!! but more cash at bank can't ever be bad... in these 'interesting' times.

(must be in rational mode today)

- duke-E

 

[JTLP]

Having a looksy through CVN's quarterly's...everything seems A-OK.

I think there may be some confusion re: $71m in the bank. From my understanding some of this will be earmarked for the SRB etc.

Looks like they have a nice development plan for drilling etc. Acquisitions talk seems the same old...and a bit of a disappointment with the delay in the awarding of permits with Pearl Energy.

One question...why do they predict until Q2 2009 for the 15,000 BOPD target?

 

[seasprite]

Extract from Latent petroleum website dated 5 February 09

JOINT VENTURE STARTS DRILLING OF WA’S FIRST TIGHT GAS FIELD

Drilling of WA’s first tight gas field, the Warro Gas field was inspected today by Petroleum and
Mines Minister Norman Moore, near Moora (60 kilometres east of Jurien).
Latent Petroleum and its joint venture partners Alcoa of Australia and Transerv started drilling of
Warro’s first appraisal well last Friday, following the successful assembly of a 1500hp onshore
drilling rig from Houston, Texas.
The Joint Venture has been instrumental in mobilising the new, state-of-the-art drilling rig to
Western Australia, which is capable of drilling to over 5000m and will be used by other
operators in WA for drilling operation in 2009.
Latent Managing Director Stephen Keenihan said drilling of the well would take about 35 days to
reach its total depth of 4,375metres.
“Following the drilling, a fracture stimulation program on the target gas zones to establish flow
rates will be completed 35-40 days after this,” Mr Keenihan said.

 

[JTLP]

Press Release Out: http://www.marketwirecanada.com/mw/rel_ca.jsp?id=947576&k=poe

To be honest it isn't all that interesting. A lot of wells on the go but expect to wait at least another 3 weeks for any news out of those.

A couple of other wells have turned up dusters in essence...but they plan to redrill due to oil signs from different zones.

Might see some pain for the old CVN tomorrow.

 

[Lachlan6]

The stock has been relatively resilient in the last few months given the state of oil. It has broken out of a declining wedge in what appears to be the wave 5 so it would be realistic to suggest a nice bounce is now underway. It seems very important that the stock holds above the recent little ledge of support (shown on the chart) if it is to maintain strength. There has also been some brilliant positive divergence in the MACD since Aug last year symbolising underlying strength.

 

[JTLP]

Hi Lachlan,

Thanks for the analysis.

CVN can be very painful at times with announcements to the market etc...

Currently they are trying to beef up reserves...so any misses and the market will punish them. They have quite a few drills online at the moment...hopefully some of these can come to fruition. Prior to the last ann there was a bit of a churn in the old CVN volume...but it has since dropped out post the rather boring announcement.

Also waiting on the awarding of blocks this quarter (JV with Pearl Energy) as well as a reserves statement update. Oh and something about new business ventures would be nice...

CVN need to update zi market more...

 

[seasprite]

The stock has been relatively resilient in the last few months given the state of oil. It has broken out of a declining wedge in what appears to be the wave 5 so it would be realistic to suggest a nice bounce is now underway. It seems very important that the stock holds above the recent little ledge of support (shown on the chart) if it is to maintain strength. There has also been some brilliant positive divergence in the MACD since Aug last year symbolising underlying strength.

quite surprised CVN touched this level today , it has tested 28c twice before on worse days and bounced straight off to end up.

 

[Miner]

Hi Lachlan,

Thanks for the analysis.

CVN can be very painful at times with announcements to the market etc...Currently they are trying to beef up reserves...so any misses and the market will punish them. They have quite a few drills online at the moment...hopefully some of these can come to fruition. Prior to the last ann there was a bit of a churn in the old CVN volume...but it has since dropped out post the rather boring announcement.

Also waiting on the awarding of blocks this quarter (JV with Pearl Energy) as well as a reserves statement update. Oh and something about new business ventures would be nice...

CVN need to update zi market more...

Hi Lachlan

I am not sure if the pain you forecasted with CVN is reflecting today's market for CVN pending some more painful announcement ?

Hope there is no surprise from this little charming explorer !

Disclaimer : DH CVN

 

[JTLP]

Hi Lachlan

I am not sure if the pain you forecasted with CVN is reflecting today's market for CVN pending some more painful announcement ?

Hope there is no surprise from this little charming explorer !

Disclaimer : DH CVN

Hi Miner...

I take it you were referring to me and not Lachlan

CVN is painful because unfortunately they are at the mercy of POE (TSX listed) for announcements (but are in a prime position as they are not operators of the drills )...POE have a habit of putting out announcements with drill dates and expected result logs etc...but this nearly always seem to blow out of proportion (time/date wise that is).

CVN is a highly liquid stock (read: lots of traders)...who depend on an ann...doesn't come...dump stock...some hold...ann comes...not what they expected...dump stock...long termers bottom pick...

WASH RINSE AND REPEAT...

I Hold CVN