The Perth-based company yesterday said gas sales revenue for the quarter reached a record $7.10 million, compared with $6.58 million in the previous quarter.

Arc said oil sales volumes and prices were down slightly against the previous quarter, with revenue of $21.8 million dropping from $22 million in the June quarter.

Total sales production for the quarter was $28.9 million in line with the $28.7 million reported in the previous quarter, with realised oil prices also steady at $90 per barrel.

Arc said production at its Hovea and Eremia fields, in which it is operator with a 50% stake, exceeded budget predictions. But it said overall production was again reduced below budget by underperformance at the Jingemia field, onshore Perth Basin.

As a result, oil production net to the company for the quarter was 2630 barrels of oil per day with total production of 5623 barrels of oil equivalent per day, both marginally down on the June quarter’s results of 2676bopd and 5887boepd, respectively.

The mid-cap said it was a busy quarter in terms of development activity, which included mobilising the Arc-contracted Century Rig 18, finishing the Origin-operated Jingemia-8 well and beginning the Arc-operated Hovea-12 well.

“Both wells were successfully completed as oil producers and came into production in October, with Hovea 12 significantly exceeding expectations with a clean-up flow of 3230bopd and Jingemia-8 flowing at 3520bopd on initial test,” it said.

Arc said the Cliff Head oil field off Western Australia, in which it has a 6% stake, was on continuous production during the quarter at gross oil production rates between 8000bopd and 12,500bopd, in line with budget expectations.

The company said it is also continuing to consolidate its position in the Canning Basin, Western Australia, ahead of its exploratory drilling program, scheduled to begin in April or May next year.