The JV told the exchange that the 'Century' drilling rig, which will be used for Hovea, is currently drilling the Woodada-19 well for Hardman Resources and is taking longer than expected due to extra drill stem tests being carried out.
The rig release from Woodada should take place on the 28 May and with installation taking at least 10 days, the JV anticipated that the likely spud date for Hovea-2 should be 7 June.
Arc Energy told the markets last month that production testing at Hovea-1 well indicated the well was accessing 20 million barrels of oil initially in place (OIIP) with potentially up to 80 million barrels of OIIP.
Arc said on this basis, potential oil volumes recoverable from the structure would range from 8 mmbbls to 32 mmbbls.
