Arc Energy on track

ARC Energy NL is still on track to become a significant gas player in the Dongara Gas Field, 300 kilometres north of Perth.

It plans to drill up to three wells in the next 12 months and undertake considerable field and development work on its tenements at Dongara.

This is in spite of registering an operating loss of $205,446 — which reflected interest and amortisation-depreciation costs of $4.2 million together with the continuing high overhead costs incurred as part of the extensive exploration program conducted during the year.

The exploration write-off principally relates to the two commercially unsuccessful exploration wells drilled during 1999.

Re-mapping and re-interpretation of the pre-stack depth migration reprocessing of the Dongara 3D data has identified a number of high potential appraisal and development locations.

In particular, the depth re-mapping of the Yardarino Field area has identified a potentially very attractive appraisal-development location.

Arc managing director Eric Streitberg said further technical work on this area was required, including completion of a reservoir simulation, but preliminary interpretation suggested there could be up to 30 billion cubic feet of gas reserves remaining in the structure together with a significant amount of oil.

“Subject to funding, rig availability and completion of technical work, it is currently intended to drill a Dongara development well, a Yardarino appraisal/development well and a wildcat exploration well early in the first half of 2001,” he said.

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