Annoyed that they farmed down our stake in the Canning basin by 6%. ARC got a screaming bargain here imho.
The risked value for a 6% stake in Valentine alone is conservatively worth around $4.3m by my quick calc's (6% of 1 TCF = 60 BCF @ A$0.80/mcf = $48m with a 9% POS = $4.3m). So we swapped a risked value of $4.3m (or $48m unrisked) for about $200k of drilling costs.
How could you possibly justify this?
farming down in canning basin
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