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- latest news on Hovea 2

  1. ARC ENERGY NL 2002-07-08 ASX-SIGNAL-G

    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.

    UPDATE ON OPERATIONS

    The current interpretation of the well results is that the vertical well did not encounter the Dongara/Wagina section in the Hovea 1 fault blockaccumulation. 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.

    TRADING HALT

    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
    MANAGING DIRECTOR


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