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EMERALD RESOURCES NL — Capital/Financing Update 2007
Oct 3, 2007
64849_rns_2007-10-03_55238707-f84f-4994-8aeb-9c4d9684717a.pdf
Capital/Financing Update
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PANCONTINENTAL OIL & GAS NL
ASX Release
4 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: $0.059 Market cap: $ 26M Cash at bank: $3.6M Issued shares: 444M
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 Valentine-1 exploration well have completed and that drilling operations at the Stokes Bay-1 well bore have commenced.
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 Ian Cornelius
Drilling in the Stokes Bay-1 sidetrack commenced at 0930 hrs on 3 October 2007 and the current plan is to drill to 2,500mMDRT. 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 look forward to sidetracking the well to the Stokes Bay-1 target location to further evaluate the very strong gas shows and indications of porosity in the intersected intervals of the Anderson and Laurel Formations of the Valentine-1 well bore. These shows were considered very encouraging for the targets of the Stokes Bay 1 well which will be encountered as planned substantially up-dip in the Stokes Bay structure.”
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.