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ARQ Update

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    Wednesday, 26 June, 2002
    Hovea-2, northern Perth Basin, Western Australia
    Perth, 26 June, OGT — ARC Energy NL has released the following report on the Hovea-2 exploration well in the northern Perth Basin in Western Australia.

    Date: 26 June 2002

    Permit: L1 (Dongara Exploration Area)

    Surface Location of Well:

    Lat 29deg 18'48.88" S

    Long 115deg 02'41.05" E

    AGD 84/AMG 50

    KB elevation 80.8m

    Present Depth: 68mKB

    Time of Reporting: 07 00 hrs, WST 26 June 2002

    Operations Since Last Report: Drill ahead to 375 m

    Current Operations: Drilling ahead.

    Operations next 24 hours: Drill ahead to first casing point.

    Hydrocarbon Indications: The first potential reservoir objective could be encountered below 1800 m.

    Participants in the well: ARC Energy NL 50% and Origin Energy Developments Pty Ltd 50%.

    Choko
 
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