Managing director Eric Streitberg told an interview service the facilities were brought in on time and on budget.
“The installation of our gas lift system and water handling facilities at Hovea has been on time and on budget and they have worked exceptionally well, and again are a credit to the people involved,” he said.
“It is very important to ensure that you are prepared for the performance of your fields with timely installation of artificial lift and water handling facilities and we have made this a priority at Hovea to ensure we can meet our production targets.”
ARC’s share of oil production in the March quarter was 387,681 barrels.
Its gas production was up 32% in the last quarter and Streitberg said Arc was now in a position to be able to do some gas trading.
“We are now comfortably supplying our long term gas contracts, but are also able to sell any surplus gas production capacity we have into the spot and backup markets and do some trading.”
“Further substantial increases in sales will be supply rather than market driven. If we are able to get our Elegans development underway that will substantially increase our production. In the meantime our redevelopment of the Dongara Field has been extremely successful.
