Definitely too cheap but confirms that Arc is showing considerable value and AWE has now officially supported that view. So now we will atleast have a floor in the SP and with some luck at Yulleroo and SB, that $1.58 will have to be renegotiated upwards significantly.
The only downer for Arc is that Yulleroo will now take more time to get definitive answers as to how commercial it could potentially be if they find something, considering they ran liner which will limit development options. It does however give them the knowledge for the design of future wells if they have to drill into the reservoir again.
ARQ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
