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ARQ $2.23

Arc Energy

  1. choko

    80 Posts.

    Interested to get thoughts on ARQ with regard to the upcoming placement, any prospective takeover suitors, and longer term view/opinion of the company and share pricing.

    Regards Choko
    ....I did hold them until last week, bailed out at .465c

    Friday, 26 July, 2002
    Perth, 26 July, OGT—ARC Energy NL has announced that it has arranged a placement of 8 million ordinary fully paid shares at A$0.36 to raise A$2,880,000 (before costs) to clients of Euroz Securities Ltd.

    The shares will be issued on 1 August 2002.

    The funds are being raised specifically for the ongoing drilling program for the evaluation of the Hovea-1 and -2 oil and gas discoveries.

    As previously announced, the recent Hovea-2 well has now been cased and suspended for future gas production and the Hovea-3 well will be drilled as a new deviated well to test both the Hovea-1 oil pool and the High Cliff gas pool.

    There is also potential for the Hovea-3 well to be sidetracked as a horizontal oil production well.

    ARC is aggressively pursuing the appraisal and development of its recent discoveries whilst maintaining strategically large interests in its projects.

    The additional costs to complete the Hovea-2 well plus the costs of the deepening and possible sidetracking of Hovea-3, together with ARC's philosophy of maintaining a conservative approach to its cash position makes this placement a prudent course of action at this time.

    For the purposes of Listing Rule 3.10.3, it is not proposed to seek shareholder approval in relation to the issue at this time nor will the issue be to a class of security holders.

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