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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 26, 2007
64849_rns_2007-09-26_4970e71f-8d6c-4f59-ad25-4a51c2024e50.pdf
Capital/Financing Update
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EMPIRE OIL & GAS NL
ACN 55 063 613 730 SUITES 7 & 8 154 HAMPDEN ROAD NEDLANDS 6009 WESTERN AUSTRALIA TELEPHONE 61 8 6389 2687 FACSIMILE 61 8 9386 6812 EMAIL [email protected] WEBSITE www.empireoil.com.au\
27 September 2007
ASX Limited Company Announcements Office Level 4 20 Bridge Street SYDNEY NSW 2000
Dear Sirs
RE: EP 104/R1 CANNING BASIN, WESTERN AUSTRALIA – UPDATE ON THE VALENTINE-1 WELL
Please find details of the progress of the drilling of the Valentine-1 exploration well, Canning Basin, Western Australia as of 0600 hours 27 September 2007.
Upon the total depth of the Valentine-1 well being reached on 27 September 2007, within the Virgin Hills Formation at 3430 metres, the current operations being conducted are the running of electric wireline logs in the well bore to evaluate all the gas shows in the Valentine-1 well recorded to date.
The Company looks forward to advising these results and the forward plan for Valentine-1 before the commencement of drilling the Stokes Bay-1 well planned to follow.
Stokes Bay-1 will evaluate the primary reservoir objectives of the Anderson Formation and Fairfield Group that had very strong gas shows in Valentine that are mapped significantly higher in the mapped closure at the Stokes Bay-1 deviated well location. The Stokes Bay-1 location is also significantly along strike (5.5 kilometres) and updip (120 to 150 metres) from the Point Torment-1 Anderson Formation gas discovery made in 1992 where gas was tested at a flow rate of 4.3 million cubic feet of gas per day. This is still the largest onshore gas flow rate recorded for an onshore well in the Canning Basin, Western Australia.
Yours sincerely
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J L CRAIG MARSHALL BSc (Hons), F. Aus. IMM, CPGeo Managing Director Empire Oil & Gas NL Suite 7, 154 Hampden Road, Nedlands WA 6009 Telephone: 61 8 6389 2687 Facsimile: 61 8 9386 6812 Email: [email protected]
VALENTINE-1 DRILLING REPORT CANNING BASIN, WESTERN AUSTRALIA
| Date: | 27 September 2007 | |
|---|---|---|
| Permit: | R1 | |
| Lat : 17o08’ 23.46”S | ||
| Well Location: | Long: 123o42’ 32.40”E | |
| Directional offset to target: | 0 metres | |
| Ground Level is 12.4mAMSL | ||
| Elevation: | RotaryTable is 18.1mAMSL | |
| Spud Date: | 1230 hrs,WST 12 August 2007 | |
| Final Depth at 0600 hrs: | 3430mMD | |
| Time of Reporting: | 0600 hrs,WST 27 September 2007 | |
| Operations Since LastReport: | Conditioned hole prior to logging | |
| Current Operations: | Conductingelectric wireline loggingoperations | |
| Comment: | The total depth of 3430mMD was reached at 09:00hrs 25thSeptember 2007 | |
| Empire Oil and Gas NL - 14.8% | ||
| ARC Energy Limited - 38.95% (Operator) | ||
| Participants in the well | Emerald Oil & Gas NL - 12.75% | |
| Pancontinental Oil & Gas NL - 10.0% | ||
| (post earning): | Phoenix Resources PLC - 10.0% | |
| First Australian Resources Limited - 8.0% | ||
| Indigo Oil PtyLtd - 5.5% |