arrow is getting a bargain !

RE PES announcement today of increase in PES Reserves.

PES now has:
2P - 394 PJ
3P - 2,472 PJ
Contingent - 5,797 PJ

This does not take into a/c the resources in ATP 758P.

If we just take 3P certified reserves of 2472 x 60c per gj divided by 124m Ord shares that values PES Ords at $11.96 !!

If we use 50c each PES is worth $9.96 !!
If we use just 40c each PES is worth $7.97 !!

So at an offer of $5.40 odd, Arrow is getting a bargain !!

cheers