Arc Energy Acquires Further Stake in Jingemia Field

ARC Energy reports that Hardman Resources Limited has exercised its Put Option to sell a further 12% interest to ARC in EP413 and L14 in Australia, which includes the Jingemia oil field. Following the exercise of the Option, ARC will have a 33.141% interest in both EP413 and L14.

The amount payable by ARC will be paid calculated based on the agreed price as at 1 March 2004 of $5.4 million, adjusted for net cash flows since that date.

Following this transaction, the participants and interests of the joint venture parties in L14 and EP413 will be as follows:

Origin Energy Developments Pty Limited (Operator) 49.189%
ARC Energy Limited 33.141%
Voyager (PB) Limited 11.000%
Victoria Petroleum Offshore Pty Ltd 5.000%
Norwest Energy NL 1.278%
ROC Oil (WA) Pty Ltd 0.250%
John Kevin Geary 0.142%