In summary, under the terms of the various agreements and assignments, ARC will increase its interest in the Point Torment area from 8% to 32.95% and will assume operatorship of the areas.
Subject to the usual operational constraints, the Stokes Bay 1 well to test the extent of the Point Torment gas accumulation and the underlying Valentine Prospect, will be the first well drilled in ARC's dry season drilling program in April/May 2007.
Managing Director's comment:
"We are delighted that we have been able to reach agreement with the various joint venture parties and to conclude all the necessary agreements to give us access to and operatorship of the first well in our 2007 Canning Basin drilling program. The Point Torment/West Kora area contains proven oil and gas accumulations and the dual targets for the first well gives us a great start to the drilling program. The technical review of the other prospects in our portfolio is progressing well and we are maturing numerous additional drilling targets to follow Stokes Bay 1."
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