ARC strengthen Canning Basin portfolio

ARC Energy Limited has further consolidated its position in the Canning Basin with the acquisition of a significant portfolio of interests in the southern part of the Basin. The new acquisition covers some 65,000 square kilometres, nearly doubling the size of ARC’s existing total Canning Basin portfolio and providing access to new play types in a highly prospective area.

ARC has acquired interests in five blocks, consisting of 4 permits (EP 442, EP 443, EP 450 and EP 451) and one application area (App 9/98-9), all of which are currently held by a private unlisted company, New Standard Exploration Pty Ltd (NSE).

The newly acquired interests are mainly located in the Kidson Sub-basin of the Canning Basin. The Kidson Sub-basin contains a unique petroleum system not adequately covered by ARC’s current Canning Basin interests.

This farmin will provide an opportunity to systematically test the prospectivity of this petroleum system and the Kidson Sub-basin. ARC’s structuredn exploration program in the greater Canning Basin covers each of the other major Sub-basin’s, with this year’s program targeting the Fitzroy Trough in the north of the Basin where the Valentine well is currently being drilled.