i hope shell get outbid, page-13

km,

I dont think there are many stocks out there with as much potential as Arrow. When we talk potential, you only have to look at what Shell are planning to see the future value in it.

Woodside crossed the $5 mark in 1995. In 15 years it has delivered a 9 fold capital increase or a average annualised compound rate of 16% pa - that beats any index out there.

This excludes the dividends!

Arrow might look like a small fish now with 1.5 + 1.5 mtpa on the cards, but in 5 years time when they seek to double and then triple that output, well I think you get the picture.

I am sure Arrow will be making that upside case very clear to Shell; and obviously shell and petrochina are already well aware of this, otherwise they wouldnt be throwing billions at it.

I think fair value is at $7+, but lets see what the crowd comes up with, because you can sure bet us small fish will follow.

Cheers,

SF