0048 GMT [Dow Jones] STOCK CALL: BBY reaffirms buy rating on ARC...

0048 GMT [Dow Jones] STOCK CALL: BBY reaffirms buy rating on ARC Energy (ARQ.AU)
despite the disappointment of the Lilac-1 well failing to encounter commercial oil
volumes. Lilac-1 is part of JV with Roc (ROC.AU) and AWE (AWE.AU). BBY analyst Scott
Ashton says the well was ARQ's least preferred target and it is too early to write
off the prospectivity of the region. "We like ARQ because it is a quality
undervalued growth opportunity, a cheap production risk story underpinned by reserves and
production at a time of sustained high WTI oil prices," Ashton says in client note.
ARC up 2 cents at A$1.17. (APW)