Abstract
Long term monitoring by Ariel V of the X-ray source associated with the nucleus of the Seyfert Galaxy NGC4151 has revealed frequent flaring on a time-scale of days. The possibility that all the X-ray emission is contained in flare like events is considered and discussed within the framework of a shot noise model. This behaviour is interpreted in the light of knowledge gained at other wavelengths, and arguments are put forward to suggest that all emission from 1 keV to 3 MeV arises from the same region of radius R ∼ 1014 cm, and that accretion onto a massive collapsed object is required to explain the efficiency of energy production.

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