AI assistant
EMERALD RESOURCES NL — Capital/Financing Update 2007
Nov 6, 2007
64849_rns_2007-11-06_9d00cd67-46c4-470e-bb33-d6ec64bac7b8.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [190 x 58] intentionally omitted <==
Level 2, 16 Altona Street West Perth WA 6005 Ph: +618 9482 0500 Fx: +618 9482 0505 Email: [email protected] www.emeraldoilandgas.com
7 November 2007
Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000
USA UPDATE - HOPE PROSPECT; PALITO BLANCO PROJECT
Emerald Oil & Gas NL (“Emerald”) is pleased to provide an update on USA activities:
-
the Marek #1 exploration well at the Hope Project located in Lavaca County, Texas;
-
Production testing at the Jaime Garcie GU #2 well at Palito Blanco project in Jim Wells and Duval Counties, Texas.
HOPE PROJECT
LAVACE COUNTY, TEXAS
(Emerald earning 6.83% Working interest, Operator: Main Energy.)
Progress report at the Marek #1 well as at 6.00 am 6 November 2007 (Texas time).
| Current Depth: | 7,116 feet. |
|---|---|
| Current Activity: | Drilling 8 3/4 inch hole at 7,116 feet. Set 9 5/8 |
| inch surface casing at 2,841 feet. Estimate 4-5 | |
| days drilling to first objective Wilcox sand. | |
| Emerald Interest: | Emerald is earning a 6.87% working interest in |
| this prospect. |
PALITO BLANCO PROJECT DUVAL AND JIM WELLS COUNTIES, TEXAS
(Emerald earning 15% Working interest, Operator: Oso Exploration.)
Progress report at the Jaime Garcia Gas Unit #2 well as at 6.00am 6 November 2007 (Texas time).
Current Activity: Flow testing well (untreated) for the past four days prior to perforating Y-18 zone (7,7947,797 ft). Future Plans: Fracture zones Y-18, 19 & 20 and treat with resin-coated proppant to stabilize unconsolidated sands. Well to be put on production next week.
Emerald Interest: Emerald has earned its 15% working interest in this prospect.
For more information please contact:
Emerald Oil & Gas NL
Tel: +618 9482 0510
JOHN HANNAFORD Executive Director – Finance [email protected]
BOB BERVEN
Executive Director – Technical [email protected]
About Emerald Oil & Gas NL
Emerald Oil & Gas NL (ASX: EMR; EMRO) was listed on the ASX in June 2006, raising $4 million. Emerald is an oil and gas exploration and production company with project interests in North Dakota and Texas in the USA and in the Canning Basin of Western Australia. Emerald’s focus is on conventional reservoir targets for oil and gas prospects and its primary objective is to achieve near term production and cashflow to build shareholder value and provide funds to fuel further growth. Emerald’s strategy is to take modest but meaningful positions in low risk exploration projects that can be swiftly brought into production.
Information in this announcement pertaining to exploration potential was compiled by Robert Berven, Emerald Oil & Gas NL’s Technical Director who is a Member of the Australasian Institute of Mining and Metallurgy and the American Association of Petroleum Geologists CPG # 2498.
Statements regarding Emerald’s plans with respect to its petroleum properties are forwardlooking statements. There can be no assurance that Emerald’s plans for development of its petroleum properties will proceed as currently expected. There can be no assurance that Emerald will be able to confirm the presence of additional petroleum deposits, that any discovery will prove to be economic or that an oil or gas field will successfully be developed on any of Emerald’s petroleum properties.
Page 2