Arc Increases Stake in Adelphi
Arc Energy said that on Tuesday it increased its interest in its associated company, Adelphi Energy, to 32.4% by the exercise of 8,750,000 options in Adelphi.
These options were granted to Arc as part of Arc's recapitalization and restructure of Adelphi in January 2005. The exercise price of the options was $0.25 per share and the exercise of them has increased Arc's relevant interest in Adelphi from 26.3% to 32.4%.
Adelphi has successfully achieved its initial objectives with its acquisition of a diversified portfolio of exploration areas and considerable success to date in its drilling program in the US. Arc said that it is particularly looking forward to the testing of the Sugarloaf 1 well and the results of the Ilse 1 well.
Arc and Adelphi have been closely cooperating in the assessment of numerous international opportunities, and Arc said that it looks forward to the continued success of its "brother" company.
Arc Energy is an Australian energy company that owns and operates oil and gas interests in the
Perth and Canning basins and internationally.
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