arq implied value, page-29

Yep - getting Buru for nothing. Not bad considering there's going to be a pretty exciting drilling and testing programme as soon a rig is sorted! Excellent leverage and reward considering only 161 millions shares on offer!

Would be nice if the market at least acknowledged some of Buru's cash.

75 million in cash, 161 million shares = 46cps or 23 cents per Arc share

take an even more conservative approach and treat the Aloca payment as debt and we'd have;

35 million in cash, 161 million shares = ~21cps or ~10.5 cents per Arc share.

Can't blame the market i guess for being cautious on the wells to date, as it's all pretty ambiguous, but the cash is there atleast.