ARC Energy Says Bunjong 1 Exploration Well Disappointing
Managing Director's comments:
"While from what we have seen so far this appears to be a disappointing result, Bunjong 1 is only the third well drilled in the recent oil exploration program targeting conventional structural traps. Of the other two wells, the Evandra 1 well was an oil discovery and will shortly be put on test production. We will now review the results of Bartsia 1 and Bunjong 1 to see what implications these have for the focus of the drilling program going forward. At the completion of Bunjong 1 Century Rig 11 will be moved to the Dongara 35 location which is an appraisal well targeting the oil leg in ARC's 100% owned Dongara Field."
Participants in L1 and L2 (excluding the Dongara, Mondarra and Yardarino fields) and Bunjong 1 are ARC Energy as operator with 50% and Origin Energy with the remaining 50%.
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