Momentum Trade: Carnarvon Petroleum Limited (ASX:CVN) Early days in potentially significant new oil play. The standout on the market yesterday was Carnarvon Petroleum (ASX:CVN), which rocketed 196.3% to $0.24 with more than 188 million shares changing hands after making a massive oil discovery. Given the very early analysis of the drilling results some commentators are pointing out how premature this excitement might be but I think there will be another good trade in it today. The stock last closed at 0.24 and is looking to open closer to 0.26 already. Full Read: (VIEW LINK)
Buy the rumour sell the fact!
This was pretty big news yesterday, I didn't have time to work out how much of the project CVN own? It seems unlikely a big Company would make such a bullish statement about a discovery without having a decent level of confidence. However, the hit rates on these offshore wells are so low.