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ARC gas find???

  1. The following comes from SMH Drum column.

    Arc gas find rumoured

    Further vindication of Arc Energy's rejection of Tap Oil's $60 million takeover bid may be just around the corner given all the excitement on the Hovea-2 well in the Perth onshore Basin.

    Arc's shares were suspended at 51c late last week as the company and its joint venture partner, Origin Energy, completed further testing on the well. The industry is buzzing with talk that the partners have discovered a 12-metre zone of gas in the secondary objective at Hovea, where they have already found oil, and were completing more drilling over the weekend to firm up the target.

    I continue to hold( Clearly my best investment in 2002) lets see how the 2nd leg goes. Based on the diagram on ARQ web site they were not supposed to hit the Dongara/Wagina sands( see regional X- section map) I guess their initial halt was inplace incase they hit these sands. Lets see what happens on Monday.

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