Doodlebugger,Pictor # 1 had approx porosity in the range of 9% -...

Doodlebugger,

Pictor # 1 had approx porosity in the range of 9% - 13%, permeability was only about 5md and the depth is relatively shallow at about 1,000m.

Heck there might be better areas within the field and after many millions of dollars they may get a commercial flow, but it really raises the question of why not test what you have already drilled and then move onto new areas of interest for exploration. Didn't we hear a lot about zones of interest and encouragement. What's happened to the interest and encouragement. If anything the shareholders have paid or forgone interest and lost encouragement.

So now these guys want to put a 3rd hole into a structure that BHP drilled in 1984 and Bridge Oil drilled in 1990 and they have already drilled 3 other wells that still remain untested.

If the 3 wells that they have been drilled, but not tested, are complete and utter duds and they already know it, then they owe it to the shareholders to spell it out in plain old straight talk.

Everyone who holds or has held ARC in the period since they announced that they were going to drill in the Canning should look at their cost of carry and the opportunities lost by sticking with ARC. I don't need to mention which other companies holders could have had a ride on as they already know which companies they are.

Various sectors of the worldwide financial system are in differing forms and stages of collapse, the industrial sector of the stock market has seen the bull market come to an end for them and these people have dawdled their way through the last year and a half with out any urgency to get the job done.

As you say "a plan to ensure no more inconclusive results" but heck they are just doing the same old same old.

MI