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EMERALD RESOURCES NL — Capital/Financing Update 2007
Nov 5, 2007
64849_rns_2007-11-05_0c8c576d-05b1-4b80-84dd-70eeeb460bb3.pdf
Capital/Financing Update
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Level 2, 16 Altona Street West Perth WA 6005 Ph: 08 9482 0500 Fax: 08 9482 0505 Email: [email protected] www.emeraldoilandgas.com
6 November 2007
Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000
EP 104/R1 CANNING BASIN, STOKES BAY-1 WELL UPDATE
Please find below an update on testing of the Nullara Formation from the Stokes Bay-1 well.
The EP104/R1 Joint Venture has agreed to release CDL Rig 18 and the rig was subsequently released from Stokes Bay 1 at 0900 Hrs on 6[th] November, 2007.
Testing operations to determine reservoir fluid composition will continue once the rig has been moved from the location and the testing crew obtains access to the wellsite. It is expected to take from one to two weeks for testing operations to recommence.
Fluids recovered to date still appear from salinity and density measurements to be drilling mud and associated fluids. Some 24% of the 12,000 barrels of drilling fluids lost during drilling and completion operations has so far been recovered.
| Participants in the Permit(post earning): | ARC Energy Limited38.95% (Operator)Empire Oil and Gas NL14.80%Emerald Oil & Gas NL12.75%Pancontinental Oil & Gas NL10.00%Phoenix Resources PLC10.00%First Australian Resources Limited8.00%Indigo Oil PtyLtd5.50% |
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For more information please contact:
Emerald Oil & Gas NL
Tel: +618 9482 0510 www.emeraldoilandgas.com [email protected]
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.