Don't really agree that it depends on Canning success, but may...

Don't really agree that it depends on Canning success, but may actually depend on other companies' technical view on results to date, even if they are ambiguous from an investor's point of view. i.e. Apache clearly recognise and are acting on the change in the domestic gas market in WA. Given that current MC can quite easily be justified by assets other than the Canning, then a company taking a positive view on the Canning prospectivity may see Arc as very attractive already. After all, if they have a significant discovery, they clearly won't be cheap any more, or you would hope so. Obviously the risk would be reduced for that particular play though.