ARQ 2007 annual report just issued to the market after hours:-
“The Company continued its support for its associated company, Adelphi with participation in a rights issue undertaken by Adelphi and through the exercise of 8,750,000 options in Adelphi at an exercise price of $0.25 per option. The exercise of these options took ARC’s interest in Adelphi from 26.3% to 32.4%. Adelphi’s participation in the Sugarloaf project in the onshore Gulf of Mexico Basin in Texas has resulted in what could be a substantial gas and condensate discovery which is currently undergoing appraisal.”
