Compass Venture Inc T.CVI.A

This explains a lot...

[CalifDreaming]

From the Jan 14 PR: "Hiswah 23 Vertical Well The Hiswah 23 vertical well, located approximately 3 kilometres south East of Hiswah 22 was spudded on December 31, 2007 in the south-eastern portion of the Hiswah pool. The objectives of this well are similar to the objectives of the Hiswah 22 vertical well. Information gathered from the cores along with the other reservoir information gathered will be utilized to significantly improve the accuracy of the reservoir simulation studies currently underway" What a curious thing to say, eh? "significantly improve the accuracy"? That implies that current modeling is very inaccurate. And perhaps explains why production is no where near what was first expected. I was told by IR in Dec '05 to expect as much as 30,000 bpd by exit '06 (when the pipeline was "supposed" to have been built). Now, two years later, they can barely produce 5,000 bpd and the pipeline is still a year away? What a load of bs. If the '07 Reserve Study is anywhere as lame as the '06 Study, heaven help the share price. In '06 they were able to blame low reserves on lack of production history from only a few wells. That won't fly for '07 reserves. Shimoon has masterfully avoided acknowleging the significantly lower reservoir productivity/reserve issues. As such, production guidance has evaporated and the excuses about low reserves will too. What happened to the oft promised 10,000 bpd production via trucking and the request they were "supposed" to make to Yemen to increase trucking capacity while the pipeline was under construction? Another bit of guidance that has been forgotten about. CVI desperately needs exploration success or significant production increases to back stop the share price.