CVN - Carnarvon Energy

[wonderrman]

What makes the above pattern bullish? (sorry I now zilch about candlestick analysis) as the trendlines are going down

An explanation of a bullish flag pattern can be found here .... http://www.leavittbrothers.com/education/chart_patterns/flag_bullish.cfm.

Wonder.

 

[JTLP]

Nice close for CVN today...and another good push forward. Whatever is lurking in the wings must be good...she has had some consistent high volume and managed to maintain a ride in the 80's for a little while.

As said earlier...still waiting on substantial holder notices as well as drilling results/updates and acquisitions from Teddy!

If US tanks hold onto your hat!

JTLP

 

[Rob 17]

Whatever is lurking in the wings must be good...

You would think that there was plenty of time to build a holding. Looks like someone is getting in before a "big" announcement.

DYOR

 

[mkelpie]

You would think that there was plenty of time to build a holding. Looks like someone is getting in before a "big" announcement.

DYOR

It's been a while since their last news post. Usually 3 updates per month, nothing for 4 weeks A nice piece of news would send it into orbit.

 

[ktrianta]

An explanation of a bullish flag pattern can be found here .... http://www.leavittbrothers.com/education/chart_patterns/flag_bullish.cfm.

Wonder.

Thanks for that. Good explaination. Also said that the break out when it comes will be equal to the initial breakout. If you take $0.44 cents as the point of the initial break out then it is mid 80's now, so one would expect a target of $1.30 or thereabouts.

Is my reading of it correct?

 

[johannlo]

Thanks for that link.

So if we're seeing symmetrical triangles in an upswing BUT the macd and smas are crossing (bad cross), whats the correct 'textbook' interpretation?

 

[Rob 17]

We should test .90cents some time today.

Joint venture partner was up 6% at the end of trade on the Toronto Stock Exchange.

DYOR

 

[JTLP]

We should test .90cents some time today.

Joint venture partner was up 6% at the end of trade on the Toronto Stock Exchange.

DYOR

Don't know if it has been said before here...but it is very difficult to lob CVN and POE (tsx) together. Yes they are working on the same project in Thailand, but POE have other interests (Swan Lake Oil Sands or something like that from memory) as well as another wholly owned concession in Thailand and expensive, inefficient operations in Indonesia.

CVN basically have the Thailand concessions atm...

 

[Rob 17]

Don't know if it has been said before here...but it is very difficult to lob CVN and POE (tsx) together. Yes they are working on the same project in Thailand, but POE have other interests (Swan Lake Oil Sands or something like that from memory) as well as another wholly owned concession in Thailand and expensive, inefficient operations in Indonesia.

CVN basically have the Thailand concessions atm...

Good point JTLP........

Dont think it will test .90 today. Afternoon will be interesting.


DYOR

 

[fuzzy1]

Hey Guys,

New to aussie stock forums, have been in this stock since 5 cents in and out on the way up and watched it move along quite nicely, good news keeps getting better, due announcement soon. Interesting Michael langford from Quam sec mentioned possible TO any thoughts guys?

 

[magnale]

Sorry to show my ignorance,but what is TO and who is Michael Langford? Thanks for all your help ..

 

[KurwaJegoMac]

TO stands for take-over and Michael Langford is a senior strategist at Quam Securities. He was on cnbc and spoke a little about CVN and other similar-cap companies and thinks they're going to continue being strong. Money Maker found the clip, you can watch the interview on his post:

https://www.aussiestockforums.com/forums/showpost.php?p=449419&postcount=1044

 

[Garpal Gumnut]

I enclose a chart of CVN, a point and figure chart.

The pf charts tend to display important support resistance lines, take the noise out of price movement and don't concentrate on time as much as price movement.

It looks very good for CVN and I would not be surprised if an upward movement were to ensue.

That recent bearish flag appears on the pf chart and resistance is being challenged at present.

A rise may signify a significant upward move.

gg

 

[JTLP]

This will surely support GG's theory of an upward movement tomorrow (provided world markets hold)...although there has been a lot less volume lately:

CALGARY, ALBERTA--(Marketwire - June 29, 2009) - Pan Orient Energy Corp. (TSX VENTUREOE) -

THAILAND

NSE-I1 New Field Oil Discovery (60-per-cent working interest and operator)

Pan Orient Energy is pleased to announce that testing of the NSE-I1 well has confirmed the discovery of commercial hydrocarbons in a previously untested volcanic reservoir approximately 20 meters in thickness at 637 meters true vertical depth (TVD). The well is currently pumping 34 degree API oil at a stabilized rate of 75 bopd with approximately 200 barrels per day of water.

At year end 2008, there were no reserves of any category attributed to this shallow volcanic zone.

NSE-I1 was a deviated well designed to target a shallow volcanic zone in the downthrown fault closure west of the NSE North fault compartment and a deeper volcanic objective on the high side of the north-south bounding fault. The first volcanic target zone was encountered at a depth of 637 meters TVD and exhibited moderate drilling fluid losses with oil shows observed at surface. A second, deeper volcanic objective was encountered at 750 meters TVD with the upper 85 meters penetrated before drilling was terminated while still in the zone. Minor oil shows were observed at surface along with minor mud losses while drilling through the zone. Subsequent testing of the lowermost objective recovered water and 2 barrels of 32 degree API oil.

Looking ahead, these modest test results have confirmed oil in a shallow volcanic reservoir in the down thrown fault compartment adjacent to NSE north. Plans are currently underway to target this same zone in a structurally much higher position on the high (east) side of the main bounding fault, that in the success case, sets up three to four additional future locations.

Bo Rang-1 RD Exploration well (60-per-cent working interest and operator)

The Bo Rang-1 RD (BR-1RD) well was drilled vertically to a depth of 757 meters approximately 80 meters west of the original Bo Rang-1 (BR-1) gas discovery which was drilled in 1990 by a previous operator of the concession. Two volcanic objectives were encountered, the first 22 meters thick at a depth of 633 meters (tested 5.5MM cubic feet per day in the original well bore) and the second, 49 meters thick at a depth 25 meters below the base of the first zone. There were no drilling fluid losses (which are an indicator of good permeability) observed while drilling either volcanic zone.

The upper gas bearing volcanic was isolated behind casing prior to penetrating the deeper objective in order to open hole test this deeper zone in isolation. Upon the completion of drilling of the deeper volcanic objective, significant quantities of 34 degree API oil were observed at surface and in the drill string while tripping out of the hole. Subsequent testing resulted in the recovery of minor quantities of oil, gas and load fluid, indicating low permeability.

Though commercial oil rates were not achieved in BR-1RD, excellent reservoir is inferred to exist only 80 meters away on the basis of the massive drilling fluid losses observed in the original BR-1 well while drilling through the objective zone. In addition, there is strong evidence that the primary volcanic objective is oil bearing based on the free oil observed at surface while drilling through this zone. On this basis, Bo Rang-2 is currently drilling ahead at a depth of 400 meters to a subsurface target location approximately 500 meters south west of the BR-1RD location. Drilling is anticipated to be completed in 10 days at which time testing will commence, if warranted.

NSE-J1 & J2 Development wells (60-per-cent working interest and operator)

The NSE-J1 and NSE-J2 development wells have been drilled to total depth within the main volcanic objective from the same surface pad location in the east-central portion of the NSE Central fault compartment. Both wells experienced significant drilling fluid losses (an indicator of good permeability) while drilling within the target zones. At this particular drill pad, testing and drilling were not possible due to the limited size of the drill pad. Testing of both wells is to commence shortly, once the drilling rig has moved off location to L44-W2.

L44-W2 Appraisal well (60-per-cent working interest and operator)

L44-W2, the first appraisal well to the L44-W oil discovery (announced in April 2009) is about to commence drilling to a subsurface target 500 meters ne of the original discovery. This will be the first of what is planned to be three back to back appraisal wells on the structure.

All exciting news no doubt =)

 

[Rob 17]

Not the results we were looking for with NSE I1.



NSE-J1 & J2 Development wells

This one looks more promising.

The NSE-J1 and NSE-J2 development wells have been drilled to total depth within the main volcanic objective from the same surface pad location in the east-central portion of the NSE Central fault compartment. Both wells experienced significant drilling fluid losses (an indicator of good permeability) while drilling within the target zones. At this particular drill pad, testing and drilling were not possible due to the limited size of the drill pad. Testing of both wells is to commence shortly, once the drilling rig has moved off location to L44-W2.


With oil holding at $70 US CVN should be able to maintain it share price. Fingers crossed.

DYOR

 

[ktrianta]

Suspect that the market was hoping for better. Likely to see some profit taking. Lets hope that 80 cents holds today.

 

[Miner]

This will surely support GG's theory of an upward movement tomorrow (provided world markets hold)...although there has been a lot less volume lately:



All exciting news no doubt =)

JTLP
you are on the money and ahead of ASX announcement released on CVN (attached)

What are the six numbers for tonight mate ?

Keep it up

 

[kenny]

Is this a "Sell on Fact" experience we are seeing or is it more a continued response to recent broker assessments of CVN being fully priced at these levels?

POE was down a bit after the announcement too. Did we really expect a new field or something better??

I'm open to suggestions.

Cheers,

Kenny

Disc. Long time CVN holder.

 

[JTLP]

Thanks Miner!

I was right at the start of the day : about a push forward...but looking an hour into the trading it would appear people are not happy with this ann. NSE-I1 is exciting for 2 reasons:
- It is an untested volcanic reservoir
- It has not been calculated in the 2008 reserves

I don't think people have fully comprehended what CVN have here in terms of fields and wells. They are now going to target another part of NSE-I1 and in the event of more success...3-4 future drilling locations will be established. So in total we have the potential for 6 new drilling locations and oil oil oil!

Bo-Rang 1/2 also sounds like they could get something commercial happening. They infer some good feelings within the ann.

NSE-J1 + J2 + L44-W2 should return some nice gains for CVN (with the former being 2 development wells and the latter being an appraisal well). I am looking for a strike rate of 2/3 from these.

And finally Miner, the numbers for tonight are:
5, 14, 16, 26, 29, 37

 

[mkelpie]

Sometimes it seems people ain't happy with CVN announcements unless a Saudi is found

I reckon this is some short term profit taking which will be followed by steady growth up to 90