MELBOURNE, Apr. 26 -- Arc Energy Ltd., Perth, has boosted its proved and probable petroleum reserves by 336% with the acquisition of Mitsui's Australian affiliate Wandoo Petroleum Pty. Ltd. for $315 million.
Arc's 2P reserves move up to 29.1 million boe, while its projected 2007-08 financial year production is expected to increase by 125% to 4.2 million boe.
Wandoo's assets include 40% of Wandoo oil field in the Carnarvon basin off Western Australia, 24% of Cliff Head oil field in the North Perth basin off Western Australia, and 12.5% of the BassGas project in the Bass basin off northern Tasmania. All the fields are in production.
Arc already held a 6% interest in Cliff Head, so the deal brings its total participation to 30%.
The BassGas project, operated by Origin Energy Ltd. in Tasmanian waters, is producing gas and liquids from Yolla field.