Tricha,AWE. I doubt it. Apart from Dunsborough ARQ assets either...

Tricha,

AWE. I doubt it. Apart from Dunsborough ARQ assets either too mature, or too risky/scattered for AWE imho. AWE obviously declined interest in the Wandoo assets ARQ got in the Bass Basin. They also previously (wisely in hindsight) reduced there exposure to the Onshore Perth Basin.

AWE do however face a huge post Tui/Cliffhead void, which 27.5% of Dunsborough will not fill, a void to rival that which ARQ look to have scraped through, but which seen TAP decline with Wollybutt.

If Dunsborough 20 mmbo, this really gives ARQ another 3 years of life (plenty of time/cash to make the Canning work), but only delays AWEs delima 1 year. Of course with ROC as operator we should be looking towards 2012 for first oil, so in both cases could be mere resusitation!

I see ARQ reclaiming it's status as a serious midcap, rather than suffering a takeover. Canning always the wild card though.

EL
Discl: Accumulated a few more last week.