re: ** absolutely disgraceful SP,
Origin's quarterly today showed some pretty disturbing facts. Hovea's production rate dropped over the last quarter by 1,000 barrels per day, meaning ARQ is now receiving 500 barrels per day less due to reservoir decline at Hovea and Eremia.
Jingemia and then Cliffhead will more than make up for this in the short/medium term. However, ARQ needs to expand reserves as a matter of urgency, In my opinion they have six months to do it. Let's face it, so far the exploration program isn't yielding what people had hoped for. What is going on with the seismic! Their strike rate on 2D is probably better than it is on the current 3D. As a long term holder of this stock my confidence has been shaken. Had I not got in at much lower prices I would have probably been worried by now.
Furthermore, the recent PR of the company has been pathetic.
Previously ARQ just needed perserverance now unfortunately it seems they are relying on luck.
Regards
Sinkers
** xej soaring, page-3
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