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CVN - CARNARVON ENERGY LIMITED


fraz2

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hi anroo

 

I've got no dog in this fight - I cannot quite understand why CVN attracts such heat on ss, it's just one more underperforming junior resource stock - but I did notice an observation made on hc that CVN's quarterly reports that its cash balance has increased from 16 something million to 21 something million (which obviously means a cash balance increase of 5 something million for the quarter) but then the details show that in fact cash only increased by $3.4m for the quarter. Quite clearly the two bits of the report do not reconcile. From memory the conflicting bits of info are on page 8 of the report (page 9 of the file).

 

I'm guessing that they would know fairly easily what their cash balance was at 31 March so I can only assume that they must have left out one of the cash movement items for the quarter. As such no big deal but it does present as a glaring blooper: just goes to show how these reports need to be proof-read by a fresh set of eyes before being released.

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The $1.3 million difference is explained in the previous quarterly with that amount being included in the cashflow for the previous quarter but only received on the 2nd Jan.

 

Thanks FF, one day----perhaps----punters will read announcements in their entirety before leaping to criticise or doubt what is written.

 

Anyway the fact is that right now the punters may be connecting the dots at last, CVN now encounters heavy resistance at the 50 day SMA, it would be preferable if the SP just edged up gradually from here---IMO!

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Why should CVN be edging up gradually? With the second Trinity signal showing, I'd be quite happy for it to rocket up.

 

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OK, by all means, retrace a few pips so I can add a few more around the breakout level; but let's not linger too long at 5.4c.

8.2 would make a nice first target :rolleyes:

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thanks fred

 

Just out of interest where in the March quarterly does it explain this?

 

Before posting I actually read the document in its entirety and could not see where this was addressed. And just to be sure I hadn't missed anything I've gone back and reread it: still could not see reference to how the $1.3m was recognised from one angle in this quarter but from another was recognised in the December quarter.

 

I've now gone and read the December quarterly and can see what you've respectfully pointed out but these quarterlies are supposed to be stand alone records and we should not have to assume that material matters affecting the current quarter's performance are only reported in other documents.

 

Again as I said I no longer have an active interest either way in CVN and was merely trying to pass on something of interest, rather than importance, to those who do currently watch CVN. A genuine thanks from me for explaining things.

 

(I may have missed the explanation in the current quarterly, I may have not read the document properly, but please make allowances for me if so because quite clearly not only do I remain the resident idiot on ss but my faculties are obviously fast diminishing with age to the point of pity and all I can do is wander through the threads on ss being dogmatic, displaying arrogance, being obnoxious and picking fights... :angry2: )

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No you're right, no mention in this quarterly, had a look at the previous quarterly and found the reference to the $1.3m there.

 

Not knowing much about accounting, I don't know if they followed good practice, but at least the figures match up.

 

Have to agree with you, cannot fathom why this thread generates such heat, we all have differing methods of investing. I happen to like investing in beaten down stocks which I feel have good fundamental value, sometimes with good effect, sometimes not.

I'm hopeless on technical analysis, however I quite like reading the technical comments and sometimes my slow old brain even learns something.

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21 million in the bank and growing, with positive outlook and a market cap of 50mill....things are looking better.

 

I have a question.....anybody know why Ted left the company. When he joined it rocketed. Then he left as it was falling...and I wondered if he saw some bad stars on the horizon. of course that is a while ago...and some may not remember. But I bet Flower does.

 

Flower?

 

 

Merc

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