elephant game ahead in canning

This was based on ARQ announcement today .

"Arc will spend $2.8mil, which will hardly make a
dent in its current $55.9mil war chest, to acquire
100% of EP-129, L-6 (containing the producing
Blina oilfield), L-8 (Sundown/West Terrace) and
PL-7, plus application area 7/05-6 from TSXlisted
Golden Dynasty. The deal is considered to
be done and dusted, with just the usual
formalities including shareholder and JV
approval standing in the way.
Golden Dynasty finalised the purchase of the
permit suite from European Gas in early Sep
this year for a consideration of 8mil fully paid
shares, signalling the exit of European Gas
from its Australian Canning interests to allow
the company to focus on its CSG assets in Italy
and eastern France.
One of the first candidates being prepared for
drilling by Golden Dynasty in EP-129 at the
earliest opportunity in the Canning dry season
was 270mil bbl Backreef-1, drilling to 1700m on
the Blina Reef trend. Along with private
Backreef Oil, which had committed to fully
funding the well, another participant entered
the JV, with Oil Basins agreeing to contribute
$1.05mil towards well costs to earn 35% via a
deal with Backreef. A separate optional
agreement with Backreef was also exercised by
Oil Basins on Oct 16 to earn another 15% by
contributing $450,000 more, installing it as the
majority interest holder in the JV."

Extract from todays Mpex Daily . Big write-up !

dyor