lost their oil, page-11

re: oil exploration / grahamc58 Hi Graham,

You say a little research should uncover Arc's problems with the exploration program. I've done a lot of research and can't find what you're on about, that is unless you are talking about the delay due to the Seismic being pushed back to November, and the oil exploration program being pushed back to April 05. Is that what you are referring to?

I've considered selling some of my shares and buying back on weakness. But with a formal reserves evaluation (hopefully an upgrade) and Centella results due in the next few weeks I'm probably just going to hold on. Also thrown into the mix is the next quarterly, the fact that the company is investigating hedging options and finally, Origin is looking at making Australian divestments (this has been suggested in broker reports, but I doubt Origin would let go of something as valuable as the Perth Basin, we'll have to wait and see).

It's interesting times for Arc. When we look back on the company this time next year, I think it will be evident just how cheap Arc was. All the best.

PS. If anyone has a T/A opinion on ARQ I'd be interested to hear what you think.