canny elephant roaming in canning

Arc's recent deals in the Canning Basin show that they are a force to be reckoned with. They have their own contracted rig and use it as leverage to gain 75% in the permits that they are interested in on highly favourable terms or have won their own new permits outright. Increasingly they drill 2 targets from one rig location, some of which are huge.

They aim to sniff out oil and gas using the same modern exploration techniques they are now applying in the Perth Basin where 4 of the last 5 recent development wells have been highly successful. They go into the notoriously difficult basin with their eyes wide open as they have been there before and like others, pulled out. Now they have applied and seen the power of modern seismic unlock the Perth Basin they reckon they can now crack the Canning.

Prior to the drilling campaign that starts in late April, they have interests in more Perth Basin drilling plus they are about to spud in Yemen and test large gas targets in Texas.

None of this appears to be factored into the current share price. Worth a look, DYOR.