AI assistant
EMERALD RESOURCES NL — Capital/Financing Update 2007
Nov 4, 2007
64849_rns_2007-11-04_a5c77e97-672b-4dc5-80bd-e049b078bfab.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [459 x 21] intentionally omitted <==
PANCONTINENTAL OIL & GAS NL
ASX Release
05 November 2007
==> picture [132 x 98] intentionally omitted <==
Stokes Bay-1 Exploration Well Drilling Update
MARKET DATA
ASX: PCL
12 month high: $0.085 12 month low: $0.054 Market cap: $ 25M Cash at bank: $3.9M Issued shares: 444M
PROJECTS
Pancontinental Oil and Gas NL (ASX: PCL) wishes to advise that Joint Venture (JV) partner and operator of the EP 104 & R1 Onshore Canning Basin project, Arc Energy (ASX: ARQ), has announced that the current operation at the Stokes Bay-1 well bore is running flow test.
Since the last report on 1[st] November, production tubing has been run in the well and a production flow test commenced at 17:00 hours on Sunday 4 November.
� Australia Onshore Canning Basin Offshore Carnarvon Basin
� Kenya Offshore Lamu Basin
� Malta Offshore Chebba Marin Basin
� Namibia Offshore
DIRECTORS & MANAGEMENT
David Kennedy Chairman Peter Munachen Finance Director Barry Rushworth New Ventures Director Ian Cornelius Non-executive Director Andy Svalbe Non-executive Director Matthew Battrick General Manager
The well has been flowing at relatively steady rates of some 3,000 to 4,000 barrels of fluid per day at a well head pressure of some 30 psi. Fluids recovered to date appear from salinity and density measurements to be drilling mud and associated fluids. Equity positions in the deepened section of the Stokes Bay-1 well are now:
| • | ARC Energy Limited | 38.95% (Operator) |
|---|---|---|
| •• | Empire Oil and Gas NLEmerald Oil & Gas NL | 14.80%12.75% |
| •• | Pancontinental Oil & Gas NLPhoenix Resources PLC | 10.00%10.00% |
| • | First Australian Resources Limited | 08.00% |
| • | Indigo Oil Pty Ltd | 05.50% |
In excess of [10,000] barrels of drilling fluids were lost during drilling and completion and some [1,500] barrels have been recovered. The test will be continued until formation fluids are identified. No hydrocarbons have been observed to date
Enquiries: Matthew Battrick, General Manager Tel: 08 9227 3220, Fax: 08 9227 3211, Email: [email protected]
CONTACT DETAILS
Pancontinental Oil & Gas Ground Flr 288 Stirling St Perth Western Australia T: +61 8 9227 3220 F: +61 8 9227 3211 E: [email protected]
The summary report on the oil and gas projects is based on information compiled by Mr M A Battrick, BSc, MAAPG, MPESA, MAICD, MPESGB, General Manager of Pancontinental Oil & Gas NL. Mr Battrick has the relevant degree in geology and has been practising petroleum geology for 26 years. Mr Battrick is a full-time employee of Pancontinental Oil & Gas NL and has consented in writing to the inclusion of the information stated in the form and context in which it appears.