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Arc can double current reserves just through successful appraisal of many existing discoveries. Lets apply a pessimistic view, with field decline and some disappointments, 20% reserve growth should still be easily achievable. Without Canning.
Canning: potential is massive, the key is 25 years ago they were looking for oil and ignoring gas and wet gas finds due to economics of the time. Arq will set up infrastructure like they have in the Perth Basin and extend the pipeline or ship it out as LNG by road. WA gas is worth twice what it is on the East Coast.
The bottom line: They have such a massive near term growth pipeline (nearly 10x current reserves) something significant is bound to flow out the other end.
Downside: Minimal IMO.
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