I agree with you Resourcefull. I would be surprised if ARQ declined much more from here. But I've already been surprised with ARQ's substantial decline throughout this year, so what's new?
ARQ has been declining despite a successful drilling campaign for the last few months, including 30% controlled ADI's Sugarloaf success which is probably commercial.
Though I guess kicking off with three development wells in the Perth Basin would hardly excite the market and investors were probably on a hiding to nothing if one of the development wells failed.
Dongara36, which is currently being drilled, is also another development well - the fourth of five wells drilled in the Perth Basin.
The potential upside has also not been clearly stated.
In ASX releases we have been told that "The Dongara 36 well will provide us with additional gas production capacity."
How much additional gas production capacity is anticipated? This is what your average investor considering a purchase of ARQ while the well is in progress would like to know. Unless I missed it, it's not there.
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Open | High | Low | Value | Volume |
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No. | Vol. | Price($) |
---|---|---|
6 | 1409915 | 14.5¢ |
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Price($) | Vol. | No. |
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15.0¢ | 1098412 | 27 |
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11 | 3737953 | 0.140 |
11 | 644328 | 0.135 |
2 | 507699 | 0.130 |
1 | 250000 | 0.125 |
Price($) | Vol. | No. |
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0.150 | 1098412 | 27 |
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