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EMERALD RESOURCES NL — Capital/Financing Update 2007
Oct 10, 2007
64849_rns_2007-10-10_56933f3a-ba64-457a-88e9-c34afed1e1fd.pdf
Capital/Financing Update
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ASX RELEASE
Release Date: 11 October 2007 To: Australian Stock Exchange Ltd No of Pages: 3 From: Eric Streitberg Re: Stokes Bay-1 Update
Please find attached an update on the Stokes Bay-1 well.
The attached 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$450 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.
Page 1
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
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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- Canning Basin Stokes Bay 1
Spud Date: 09:30hrs 3[rd] October 2007 DATE : 11/10/2007
General Well Data
Planned TD : 2500mMD / 2130m TVSS Drill Floor Elevation : 18.1m amsl
Summary @06:00hrs WST
RIH with new bit to continue drilling 8 ½” hole from 1841mMD
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----- Start of picture text ----- Canning Basin Stokes Bay-01(Exploration Well from KO)Predicted Progress Stokes Bay 1Actual Progress Stokes Bay 1Bli0200Spud Stokes Bay -1 at 09:30hrs 3rd October 20074006009 5/8" @808mMDin Valentine 1800 KO Stokes Bay-1 ftom 975mMD at 09:30hrs 03/10/0710001200 4/10/07 Drilling 8 1/2" at 1226m1400 5/10/07 Drilling 8 1/2" at 1439m1600 6/10/07 Drilling 8 1/2" at 1652m1800 7/10/07 Drilling 8 1/2" at 1819m Anderson Formation Marine Member8/10/07 Drilling 8 1/2" at 1840m Primary Target9/10/07 Work stuck pipe. 10/10/07 POOH w /Fish11/10/07 RIH w /new BHA to drill2000220024002600Expected TD 2500mMD 2130mTVSSLog & Evaluate280030000 5 10 15 20 25 30 35 40DaysDepth (Measured below Rotary Table in metres)----- End of picture text -----