Abstract
The ruled residue theorem characterises residue field extensions for valuations on a rational function field. Under the assumption that the characteristic of the residue field is different from 2 this theorem is extended here to function fields of conics. The main result is that there is at most one extension of a valuation on the base field to the function field of a conic for which the residue field extension is transcendental but not ruled. Furthermore the situation when this valuation is present is characterised.
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