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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 26, 2007
64849_rns_2007-09-26_d12efb91-061a-4499-9092-17f9ba36c152.pdf
Capital/Financing Update
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PANCONTINENTAL OIL & GAS NL
ASX Release
27 September 2007
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MARKET DATA
Valentine-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
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 logging operations at the Valentine-1 exploration well have commenced at a final measured depth (MD) of 3,430m.
Final TD at 3430m MD was reached at 0900 hrs on the 25[th] September. Final interests in R1 and EP104 post the Valentine-1 well farm-in earning program are:
| ARC Energy Limited (Operator)Empire Oil and Gas NL | 38.95%14.8% |
|---|---|
| Emerald Oil & Gas NLPancontinental Oil & Gas NL | 12.75%10% |
| Phoenix Resources PLC | 10% |
| First Australian Resources LimitedIndigo Oil Pty Ltd | 8%5.5% |
Pancontinental General Manager, Matthew Battrick said: “We look forward to sidetracking the well to the Stokes Bay-1 target location, after logging operations are complete in the Valentine-1 well bore and further evaluating the very strong gas shows and indications of porosity in the intersected intervals of the Anderson and Laurel Formations. These shows are 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.”
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.