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  1. Dingbat

    711 Posts.

    Update on operations - continuation of Trading Halt


    HOMEX - Perth

    The Company provides the following update on the progress of the
    Hovea 2 well and a request for the continuation of the current
    trading halt.


    The current interpretation of the well results is that the vertical
    well did not encounter the Dongara/Wagina section in the Hovea 1
    fault block accumulation. Gas shows have been encountered in the
    secondary objective, the Irwin River Coal Measures and the
    significance of these shows will be evaluated by wireline logs once
    total depth is reached.

    After completion of the logging and evaluation program as planned, a
    decision will be made on the forward program. Depending on the
    results of the evaluation, the well may be plugged back and
    sidetracked to a location updip from the Hovea 1 well.
    The detailed forward plan will be finalised once the vertical well
    has been logged and evaluated over the next few days.


    In order to ensure that ARC directors are fully able to comply with
    their continuous disclosure obligations and that there is a fully
    informed market in the Company's shares, the current trading halt
    will be continued until prior to the opening of ASX for trading
    tomorrow, 9 July. If definitive well results will not be available
    prior to commencement of trading on 9 July 2002, the Company may
    request a suspension of its shares for a further period until
    complete information is available.

    E Streitberg

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