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EMERALD RESOURCES NL — Capital/Financing Update 2007
Oct 10, 2007
64849_rns_2007-10-10_a10febb9-5e79-43d6-bcb0-5a0483a83d92.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
11 October 2007
Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000
STOKES BAY - 1 EXPLORATION WELL UPDATE
Please find attached a release on the progress of the Canning Basin exploration programme with the drilling of the Stokes Bay exploration well.
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]
STOKES BAY-1 DRILLING REPORT CANNING BASIN, WESTERN AUSTRALIA
| Date: | 11thOctober 2007 |
|---|---|
| Permit: | R1 |
| Well Location: | Lat : 17o08’ 23.46”SLong : 123o42’ 32.40”E |
| Directional offset to target: | 1024 metres |
| Elevation: | Ground Level is 12.4mAMSLRotary Table is 18.1mAMSL |
| Proposed Total Depth(measured KB): | 2505 metres |
| Prognosed drilling time: | 15 days |
| Spud Date: | 0930 hrs, WST 3 October 2007 |
| Present Depth at 0600 hrs: | 1841mMD |
| Time of Reporting: | 0600 hrs, WST 11thOctober 2007 |
| Operations Since LastReport: | Drilled 8 1/2” hole from 1226m to 1840mMD. Pipe stuck at858m while pulling out of hole for a new drilling bit. Stringwas freed and recovered. A cleanout trip was made duringwhich 1m of new formation was drilled prior to POOH for anew drilling assembly. |
| Current Operations: | RIH with new BHA and bit to drill ahead in 8 ½” hole from1841mMD |
| Hydrocarbon indications: | None |
| Comment: | N/A |
| Participants in the well(post earning): | Empire Oil and Gas NL - 14.8%ARC Energy Limited - 38.95% (Operator)Emerald Oil & Gas NL - 12.75%Pancontinental Oil & Gas NL - 10.0%Phoenix Resources PLC - 10.0%First Australian Resources Limited - 8.0%Indigo Oil PtyLtd - 5.5% |
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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.