get on now, page-13

re: get on now... The Canning Basin has oil IMO.

ARC Energy acquires further acreage in Canning Basin
13:47, Tuesday, 16 January 2007

Sydney - Tuesday - January 16: (RWE Australian Business News) -
ARC Energy Ltd (ASX code: ARQ) today announced it had further
consolidated its position in the Canning Basin with the acquisition of
interests in an additional four blocks on the western side of the basin.
Two of the blocks are subsequent to successful work program bids
and the other two are via farm-in to areas held by a joint venture led
by Empire Oil & Gas NL (ASX code: EGO).
In relation to the bid blocks, the company has been formally
advised by the WA Department of Industry and Resources that ARC is the
preferred applicant for blocks App 3/06-7 and App 4/06-7, subject to
Native Title negotiations.
The farm-in to the other two blocks, EP 438 and EP 448, involves
the acquisition of aeromagnetic data over the blocks as part of a wider
survey to be acquired over ARC's SPAs in the east and north of the
Canning Basin.
ARC will earn an initial 5 per cent interest and the right to
earn up to 75 per cent interest in each permit by carrying out
additional exploration up to expenditure of $3 million on each permit.