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EMERALD RESOURCES NL — Capital/Financing Update 2007
Oct 30, 2007
64849_rns_2007-10-30_0311b5a2-119f-4175-8daa-a65b1cf2af56.pdf
Capital/Financing Update
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Level 2, 16 Altona Street West Perth WA 6005 Ph: +618 9482 0500 Fx: +618 9482 0505 Email: [email protected] www.emeraldoilandgas.com
31 October 2007
Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000
HOPE PROSPECT DRILLING UPDATE
Emerald Oil & Gas NL (“Emerald”) is pleased to advise of spudding the Marek #1 well at the Hope Project located in Lavaca County, Texas USA.
HOPE PROJECT
LAVACA COUNTY, TEXAS
(Emerald earning 6.83% Working interest, Operator: Main Energy.)
Progress report at the Marek #1 well as at 6.00 am 30 October 2007 (Texas time).
Current Depth:
1,244 feet. Well spudded at 1.00pm 29 October 2007 (Texas time).
Current Activity: Drilling ahead in 12 ¼ inch hole.
Emerald Interest: Emerald is earning a 6.87% working interest in this prospect.
About Hope Prospect:
The Hope Prospect is located in the South Texas Basin in Lavaca County, Texas, 80 miles east southeast of San Antonio. It is on trend with prolific Upper and Lower Wilcox Sand production. Approximately 1,300 acres are currently under lease and the proposed total depth is a 10,500 feet well which is a “non-pipe” test.
Prospect Geology
The Hope Prospect is defined by 3-D seismic and subsurface well control. It is a large anticlinal structure downthrown to two en echelon growth faults.
Additional lateral seal on the northeast side is gained by shale fill in the Yoakum channel. The primary reservoirs are the Upper and Lower Wilcox deltaic sands at 9,900–10,000 feet and the Lower Wilcox Roeder sands at 10,00010,500 feet.
Reserve Potential
Seismic data shows a 50-foot structural gain to a previous well, yielding potentially 65 feet of hydrocarbon column. Reserve potential for the Hammon sand is 25 BCF. Potential resources for the Roeder sand at Hope Prospect exceed 40 BCF. Total resources for Roeder and Hammon sands is 65 BCF of gas.
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.
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