July 15 (Reuters) - Arc Exploration Ltd ARX.AX :
* Says will undertake share purchase plan to raise new funds for working capital purposes
* Says will pursues joint venture interest for longer term exploration and development of company's projects
* Says currently engaged in ongoing discussions with potential joint venture partners
* Commences a cost reduction program to conserve cash across all of its operations in both Australia and Indonesia
* Says directors and senior management of co have elected to forgo 50% of their remuneration to end of calendar 2015
* Says remaining 50% of remuneration which they are to receive will be paid by issue of shares in company rather than in cash
* Source text for Eikon ID:nASX9JsFz