Compass Venture Inc T.CVI.A

RE: News from Yemen

[turks1]

Renerta, I am sure that all of the CVI longs share your pain. I know I certainly do.

I posted a piece a while back on the positives of CVI and the possible upside.

With $75,000,000 in cash, the announcement of the P/L, completion of the central production facility, EOR ( enhanced oil recovery ) of the Hiswah field and an agreement to blend the EA Roidhat oil with the Hiswah oil CVI is looking good for the future.

In addition to the above Bread & Butter activities we have the results of the production testing of the Malik-2 and Qarn Qaymah-2 wells to look forward to. With the share price as low as it is it would be really nice to receive good news on these results.

In the last NR :

1: Calvalley has commenced preparatory work for a 3D seismic data
        acquisition covering 126 km(2) over the Qarn Qaymah Structure.

2: Technical work associated with two deep wells (Rashedah and South
        Qarn Qaymah) targeting multiple horizons including the fractured
        basement have been completed. Both wells are expected to be drilled
        in the second half of 2008.

I don't think Ed is the kind of guy who spends $$ needlessly and both 1&2 above are expensive. So reading between the lines I will bet some beer to all comers that he thinks the results justify the expense.

On the other hand I think we should have had results from the Malik 2 well by now. It seems to be taking longer than necessary but the NR stated we would get results by the end of the 3rd Q so perhaps they have had trouble locating a rig to test it. Perhaps Shakush could comment as he knows a lot more about drilling and testing than I do.

I really think this is a good buying opportunity and unless the world stops using oil this stock should be considerably higher next year when all the above come to pass.

Good luck to all the long suffering longs!!