Further to the ASX release of 23 November 2007, ARC as the operator of the EP104/R1 Joint Venture, advises that it has suspended the testing of Stokes Bay-1 and removed all contractors and equipment from the site following recent rainfall. As was anticipated, the onset of seasonal rain has limited the safe access to the well, due to the low-lying terrain around the well site. The access track and well site have become temporarily unsuitable for the safe operation of heavy oilfield equipment. The timely testing of the Stokes Bay-1 well is a priority, and ARC Energy plans to recommence the Stokes Bay well testing programme as soon as safe access is available at the end of the wet season, anticipated to be around April 2008. The nature of the reservoir fluid and the source of pressure within the reservoir remain undetermined. Should the well be commercially productive better access facilities would be constructed to allow year round production. The next update on Stokes Bay-1 well will be issued when testing of the well recommences. This release will also be available on the Company’s website at; www.arcenergy.com.au. For inquiries please contact: Eric Streitberg, Managing Director Telephone +61 8 9480 1300 Freecall 1800 337 330 Email [email protected]
ARQ Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
