I am inclined to wait to see what happens with Union gold. I am minded that it took CIVC over a year to get from the letter of agreement stage to actually executing the reverse takeover of TKO resources. The AGM is on June 6, and then presumably there will be legal documents to be drawn up and approval of the stock exchange will be needed.

Weigh this against the consideration that onsite operations are ongoing. They are probably casing the well at this moment and may be into drilling again by the weekend. This would indicate that the target will be hit some time next week - before the AGM. If the results are good, then surely the newly merged company would have to open at a price that reflected this.

I would doubt that the operations can be slowed until after the reverse takeover is completed as some have suggested on other boeards. There are three partners involved in this. Surely agreement of all three would be needed, as this is not about operations but the mutual interest of the companies involved. And CIVC shareholders have a strong interest which has to be looked after.

In short, it seems to me that CVQ is still the way to make the biggest short term gain if and when oil is struck. There is of course Enegi Oil as a possible alternative, but this brings in pound/dollar exchange rates, and at C$4.00 per share I have to wonder if the short term gain would move so quickly or as far a CIVC's would in the event of a successful hit. It would be a sensible hedge, perhaps, as they have the Garden Hill prospect, and one that I am certainly considering, though I am on the right side of the Atlantic to dodge the exchange rate issue.

Regards
Dunnock