Managing Director Exercises Options
Arc Exploration Limited (ASX:ARX) is pleased to announce that its Managing Director Mr John Carlile has today exercised 4,231,445 listed options in the Company (ARXOA) ahead of their expiry on 31 January 2011.
Mr Carlile commented:
"I have exercised my options because I am confident in the strength of Arc.
The excellent results and progress that we have been able to report indicate that our exploration efforts in Indonesia are continuing to bear fruit.
The Company is in good shape to build on these results and that is why I believe that Arc Exploration represents a strong investment proposition."
Arc Exploration's financial position will be further enhanced by the cash inflow from the exercise of ARXOA options. Funds received will be applied to the Company's forward program of exploration activity including drilling at both Bima and Trenggalek.
The Company's Appendix 3Y is contained in the ASX announcement.
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