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EMERALD RESOURCES NL — Capital/Financing Update 2007
Nov 5, 2007
64849_rns_2007-11-05_acc53ff2-d88b-4867-a181-b5125fa0017a.pdf
Capital/Financing Update
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ASX RELEASE
Release Date: 6 November 2007 To: Australian Stock Exchange Ltd No of Pages: 1 From: Eric Streitberg Re: Stokes Bay-1 Update
Please find below an update on 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.
| ARC Energy Limited | 38.95% (Operator) | ||
|---|---|---|---|
| Empire Oil and Gas NL | 14.80% | ||
| Participants in the Permit | Emerald Oil & Gas NL | 12.75% | |
| Pancontinental Oil & Gas NL | 10.00% | ||
| (post earning): | Phoenix Resources PLC | 10.00% | |
| First Australian Resources Limited | 8.00% | ||
| Indigo Oil PtyLtd | 5.50% |
This release will also be available on the Company’s website at; www.arcenergy.com.au.
For inquiries please contact:
Eric Streitberg, Managing Director Telephone +61 8 9480 1300 Freecall 1800 337 330 Email [email protected]
About ARC Energy Limited
ARC Energy is one of Australia’s pre-eminent energy companies, owning and operating oil and gas interests in the Perth, Canning and Bass basins, and internationally. Listed on the Australian Stock Exchange with a market capitalisation of approximately A$500 million, ARC has an aggressive onshore and offshore exploration and development drilling program. It continues to drive increased shareholder value by the early adoption of innovative technical and commercial practices.
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Level 4, 679 Murray Street, West Perth, Perth Western Australia 6005 Freecall: 1800 337 330 Tel: 61 8 9480 1300 Fax: 61 8 9480 1388 Website: www.arcenergy.com.au, Email: [email protected], ASX Code: ARQ