Carnarvon Energy UPDATE(CVN)

Trading at just A$0.11 per share with A$186 million cash (A$.1035) in the bank and A$138 (A$0.077) million in carried (paid for) development expenses, CVN offers investors exposure to Australia's largest undeveloped offshore oil resource while providing significant downside protection. The company is also planning to return A$0.07 per share by year end. The recent takeover bid for Santos, the operator of the Dorado field, could dramatically accelerate the development timeline.