Some of the threads I've read on all the stocks involved with the drilling of Valentine/Stokes Bay to date remind me of the old bloke on "Dad's Army".... can't think of his name but he use to run around saying don't panic ... don't panic.. and so on.
We all know Rome was not built in a day and all this desire for immediate gratification in the form of a result is just a waste of energy.
It has amazed me at how little arbitrage has occurred between the stocks involved in the drilling of Valentine/Stokes Bay. Opportunities go begging and every ones looking in the other direction.
We already know that ARC likes to make a hot roast on a cold day sound like yesterday's cold porridge. But that's the nature of the beast.
Here is an example of the low key no excitement approach that ARC seems to have embraced:
The recent Stock Analysis Issue # 32 on 21st Nov 07 has the following quote when referring to an on-shore structure to be drilled by the EP 413 stake holders in the near future:....
"Recent mapping and interpretation indicates that this structure may lie on strike with the Cliff Head field, which is rapidly redeeming itself and looking like it might indeed end up delivering over 20 mmbbls to its partners."
At ARC's Sydney Presentation on the 20th November, the day prior to the Stock Analysis comment, Eric Streitberg said the Dunsborough discovery is bigger than Cliff Head and that the market had virtually ignored it.
No first prize for why the market has ignored it (and other positive results). These guys are not in the business of selling exitement and nor should they be.
If you want excitement go and read the ASX releases and look at the graphs (both intra-day and daily) of FDL, INP and WGP.
ARQ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
