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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 24, 2007
64849_rns_2007-09-24_885570c8-297f-45cb-885f-dbb151865220.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\
25 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 0900 hours 25 September 2007.
Final total depth for the Valentine-1 well has been called at 3430 metres in the Virgin Hills Formation. The next operation will be to run electric wireline logs in the well to evaluate all the gas shows intersected prior to any decision on the future of the well bore.
The very strong gas shows and indications of porosity of the intervals of the Anderson Formation and Fairfield Group significantly upgrades the gas prospectivity of these reservoir objectives located updip in the forthcoming Stokes Bay-1 well.
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: | 25 September 2007 | 25 September 2007 |
|---|---|---|
| Permit: | R1 | |
| Well Location: | Lat : 17o08’ 23.46”SLong: 123o42’ 32.40”E | |
| Directional offset to target: | 0 metres | |
| Elevation: | Ground Level is 12.4mAMSLRotaryTable is 18.1mAMSL | |
| Prognosed Depths (measuredKB): | Top primary objective | Total depth |
| 3,222 metres | 3,407 metres | |
| Prognosed drilling time: | 25 | days |
| Spud Date: | 1230 hrs,WST 12 August 2007 | |
| Present Depth at 0900 hrs: | 3430mMD | |
| Time of Reporting: | 0900 hrs,WST 25 September 2007 | |
| Operations Since Last Report: | Repaired the top drive hydraulic unit and directionally drilled from3,377m to 3430mMD.Final TD has been called at 3430m MD based on lack of porosityin cuttings and the lack of significant hydrocarbon shows in theVirgin Hills Formation section. | |
| Current Operations: | Performinga wiper trip prior to logging. | |
| Hydrocarbon indications: | None in the sectionjust drilled | |
| Comment: | The upper part of the clastic sediments of the target Virgin HillsFormation are interpreted to have been intersected with lithologiesbeing predominantly tight sandstones and calcareous claystones.No significant indications of hydrocarbons or porosity were notedover this interval. Further evaluation of all intervals in this well willbe undertaken with the wireline logging program.Following the logging program, the well will be plugged back andsidetracked to the Stokes Bay location. The very strong gasshows and indications of porosity in the shallower intervals of theAnderson and Laurel Formations is considered highly encouragingfor the targets of the Stokes Bay 1 well which were encountered asplanned substantiallydown-dipin the Valentine well bore. | |
| 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% |