The Perth-based mid cap said this represented the sixth consecutive year of increasing or plateau revenue.

In the June quarter, Arc achieved $23.60 million in oil sales revenue – 4% higher than the previous quarter, due to high oil prices as production during the period was 4% lower at 496,947 barrels of oil, or an average of 461 barrels of oil per day.

Gas production during the quarter was $6.83 million, or 9% higher than the last quarter thanks to higher gas production and stronger gas prices.

Arc spent $10.13 million on exploration and appraisal work in the quarter, compared to $1.13 million in the previous three-month period.

“The expenditure was principally for well costs for the Drakea-1 and 2 wells in the onshore Perth Basin, the Frankland-1, Perseverance-1 and Dunsborough-1 wells in the offshore Perth Basin and the Al Magrabah-1 exploration in Yemen,” Arc said.

Company highlights during the quarter included Arc’s $US189.6 million acquisition of all assets in Wandoo Petroleum, which gave it a 24% stake in the producing Cliff Head oil field and associated exploration acreage, and a 12.5% interest in the BassGas Project.

In addition, the company signed a major gas sales agreement with Alcoa, for the delivery of up to 500 petajoules of gas from potential future discoveries on its Canning Basin acreage.