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EMERALD RESOURCES NL — Capital/Financing Update 2007
Oct 10, 2007
64849_rns_2007-10-10_482b8454-7f59-47c1-8365-31ecfce57625.pdf
Capital/Financing Update
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PANCONTINENTAL OIL & GAS NL
ASX Release
11 October 2007
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MARKET DATA
Stokes Bay-1 Exploration Well Drilling Update
ASX: PCL
12 month high: $0.085 12 month low: $0.054 Market cap: $ 25M Cash at bank: $3.6M Issued shares: 444M
PROJECTS
� 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
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 operations at the Stokes Bay-1 well bore are continuing with the well bore currently at a depth of 1,841m.
Drilling in the Stokes Bay-1 sidetrack commenced at 0930 hrs on 3[rd] October 2007 and the current from a kick-off depth of 975mMD. Interests in R1 and EP104 post the Valentine-1 well farm-in earning program are:
| ARC Energy Limited (Operator) | 38.95% |
|---|---|
| Empire Oil and Gas NL | 14.8% |
| Emerald Oil & Gas NL | 12.75% |
| Pancontinental Oil & Gas NL | 10% |
| Phoenix Resources PLCFirst Australian Resources Limited | 10%8% |
| Indigo Oil Pty Ltd | 5.5% |
Pancontinental General Manager, Matthew Battrick said: “We drilled 8 1/2” hole from 1226m to 1840mMD since the last report but suffered stuck pipe at 858m while pulling out of hole for a new drilling bit. The drill string was freed and recovered. A cleanout trip was made during which 1m of new formation was drilled prior to POOH for the new drilling assembly. We are now running in with a new bit to drill ahead in 8 ½” hole from 1841mMD.”
Ian Cornelius
Non-executive Director
Andy Svalbe Non-executive Director Matthew Battrick General Manager
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.