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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 24, 2007
64849_rns_2007-09-24_13b2563b-9b64-47ff-997d-2f0cba8b6f2f.pdf
Capital/Financing Update
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PANCONTINENTAL OIL & GAS NL
ASX Release
25 September 2007
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Valentine-1 Exploration Well Drilling Update
MARKET DATA
ASX: PCL
12 month high: $0.085 12 month low: $0.060 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 Ian Cornelius Non-executive Director
Andy Svalbe Non-executive Director Matthew Battrick General Manager
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]
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 drilling operations at the Valentine-1 exploration well are continuing at a final measured depth (MD) of 3,430m.
Final TD has been called at 3430m MD based on lack of porosity in cuttings and the lack of significant hydrocarbon shows in the Virgin Hills Formation section and a wiper trip is being performed prior to logging. Final 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 NLEmerald Oil & Gas NL | 14.8%12.75% |
| Pancontinental Oil & Gas NL | 10% |
| Phoenix Resources PLC | 10% |
| First Australian Resources Limited | 8% |
| Indigo Oil Pty Ltd | 5.5% |
Pancontinental General Manager, Matthew Battrick said: “The upper portion of the clastic sediment interval of the target Virgin Hills Formation is interpreted to have been intersected with lithologies being predominantly tight sandstones and calcareous claystones. No significant indications of hydrocarbons or porosity were noted over this interval. Further evaluation of all intervals in this well will be undertaken with the wireline logging program.
“Following the logging program, the well will be plugged back and sidetracked to the Stokes Bay location. The very strong gas shows and indications of porosity in the shallower intervals of the Anderson and Laurel Formations is considered highly encouraging for the targets of the Stokes Bay 1 well which were encountered as planned substantially down-dip in the Valentine well bore.”
Enquiries: Matthew Battrick General Manager Tel: 08 9227 3220, Fax: 08 9227 3211 Email: [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.