best oil and gas?, page-12

re: takeover play - financial review Think you somewhat misrepresent the article SP by not giving the full story. The article focussed on possible mergers and that ARQ had intensive talks with AWE last year about merging. AWE walked away from the talks because of the differential in the respective share prices, borne out by ARQ's subsequent fall in share price, an accurate assessment on the part of AWE.

Ironically, ARQ would have to lift its share price and production to be an attractive takeover target. A merger is a better proposition, it will increase its market capitalisation and attract institutional investors, which can only be good for the share price.

So we know what ARQ's corporate plans are - a merger.