Stokes Bay to be sidetracked and drilled into new part of the reservoir with under balanced drilling. Analysis of pressure data has shown that it's either oil/gas accumulation or an artesian head, however it's said that the closest elevation capable of generating an artesian head of this sort is a considerable distance away.
Valhalla was extremely positive with very strong indications and movable hydrocarbons, but couldn't test properly as there was continued mechanical problems and hole stability issues. Will be revisited in 2008.
Even more interesting and brought forward is a prospect called Paradise and is likely to be drilled before Valhalla! Just discovered from the recent 3D seismic, it's said to be an even larger and more robust structure (900bcf and 18mmbbls) than Valhalla.
And much more, so AWE if you want Arc, and any one of these comes in, you'll have to do better than $1.58 i think.
ARQ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
