ARQ 2.86% 36.0¢ arq group limited

new discovery

  1. 711 Posts.
    ARC ENERGY NL 2003-03-20 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    REMOVAL OF TRADING HALT

    The Company requests that the current trading halt on the Company's shares be removed as soon as practicable after the receipt of this release.

    The resumption of trading is requested as the Directors believe the information set out below is sufficient to ensure a fully informed market in the Company's shares in regard to all of the information known to the Company at this time.


    EREMIA 1 DRILLING PROGRAM UPDATE

    ARC Energy NL advises that as at 0600 hrs WST the Eremia 1 exploration well in onshore Perth Basin Production Licence L1, was preparing to run 9 5/8 casing at a depth of 2161 metres.

    The top of the Dongara Sandstone was encountered at 2095 metres measured depth, 23 metres high to prognosis. Good oil shows were noted down to 2110 metres measured depth. Interpretation of wireline
    logs and pressure measurements has confirmed that the well has intersected an oil column of at least 15 metres and possibly up to 18 metres in excellent quality Dongara Sandstone reservoir.

    Once casing has been run the Eremia 1 well will be deepened in 8 inch hole to a proposed total depth of 2700 metres to intersect deeper reservoir targets, known to be gas bearing in the nearby Hovea
    Field.

    Eremia 1 is a vertical exploration well targeting multiple reservoir objectives in the Permian section in a fault dependent anticlinal closure located approximately 2.5 kilometres west of the Hovea Production Facility.

    Participants in L1 and L2 (excluding the Dongara, Mondarra and Yardarino fields), and Eremia 1 are:

    * ARC Energy NL - 50%

    * Origin Energy Developments Pty Ltd - 50% *

    * a wholly owned subsidiary of Origin Energy Limited

    E Streitberg
    MANAGING DIRECTOR

 
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