You were refering to this advice in the Age today..."Fearful...

You were refering to this advice in the Age today...

"Fearful that his company could again become the subject of a low-ball bid like that from Paul Underwood's Tap Petroleum earlier this year, Streitberg has been doing his best to make sure the market has Arc properly valued.

The group's main asset is a half share in the Hovea oilfield, onshore in the north Perth Basin. Arc was able to crow last week that an independent assessment put recoverable reserves at 9.4 million barrels of oil.

Streitberg reckons that with an estimated after-tax net present value of about $15 a barrel, the group's share of the oilfield (it is already producing 2000 barrels a day) is worth about $70 million."

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So basically for ever barrel sold at refinery gate the company nets after all charges & tax $A15.