re: ** absolutely disgraceful If my calculations are correct ARQ will have an anticipated 840,000 extra barrels of oil income from Cliff Head coming on stream next year.
The market is usually forward looking. In which case it should be pricing ARQ on the basis that any declines from Jingemia and Hovea will be more than made up by Cliff Head.
Not to mention the likely doubling of gas production over the next 12 months.
So ARQ trading at around 8.5 times 2005 year earnings does not seem appropriate. Cliff Head and the expansion of gas production are being ignored.
** xej soaring, page-20
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