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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 24, 2007
64849_rns_2007-09-24_2e6919f0-5eeb-4788-8e93-a1fb8972c93b.pdf
Capital/Financing Update
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Level 2, 16 Altona Street West Perth WA 6005 Ph: 08 9482 0500 Fax: 08 9482 0505 Email: [email protected] www.emeraldoilandgas.com
25 September 2007
Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000
VALENTINE 1 EXPLORATION WELL UPDATE
Please find attached a report on the progress of drilling of the Valentine-1 exploration well at EP104/R1 in the Canning Basin, Western Australia.
Emerald notes comments from the Operator ARC Energy, in relation to the enhanced prospectivity of the up-coming Stokes Bay well to be drilled from the same location as Valentine 1 commencing immediately after completion of Valentine logging operations.
Emerald also anticipates releasing an exploration update on drilling the Jaime Garcia Gas Unit #2 well at the Palito Blanco project in Texas, in the coming days.
For more information please contact:
Emerald Oil & Gas NL
Tel: +618 9482 0510 www.emeraldoilandgas.com [email protected]
JOHN HANNAFORD Executive Director – Finance [email protected]
BOB BERVEN Executive Director – Technical [email protected]
VALENTINE-1 DRILLING REPORT CANNING BASIN, WESTERN AUSTRALIA
| Date:Permit:Well Location:Directional offset to target:Elevation:Prognosed Depths(measured KB):Prognosed drilling time:Spud Date:Present Depth at 0900 hrs:Time of Reporting:Operations Since LastReport: | 25 September 2007R1Lat : 17o08’ 23.46”SLong : 123o42’ 32.40”E0 metresGround Level is 12.4mAMSLRotary Table is 18.1mAMSLTop primary objectiveTotal depth3,222 metres3,407 metres25 days1230 hrs, WST 12 August 20073430mMD0900 hrs, WST 25 September 2007Repaired the top drive hydraulic unit and directionally drilledfrom 3,377m to 3430mMD.Final TD has been called at 3430m MD based on lack ofporosity in cuttings and the lack of significant hydrocarbonshows in the Virgin Hills Formation section. |
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| Current Operations: | Performing a wiper trip prior to logging. |
| Hydrocarbon indications: | None |
| Comment: | The upper part of the clastic sediments of the target VirginHills Formation are interpreted to have been intersected withlithologies being predominantly tight sandstones andcalcareous claystones. No significant indications ofhydrocarbons or porosity were noted over this interval.Further evaluation of all intervals in this well will beundertaken with the wireline logging program.Following the logging program, the well will be plugged backand sidetracked to the Stokes Bay location. The very stronggas shows and indications of porosity in the shallowerintervals of the Anderson and Laurel Formations isconsidered highly encouraging for the targets of the StokesBay 1 well which were encountered as planned substantiallydown-dipin the Valentine well bore. |
| Participants in the well(post earning): | ARC Energy Limited - 38.95% (Operator)Empire Oil and Gas NL - 14.8% 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% |
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About Emerald Oil & Gas NL
Emerald Oil & Gas NL (ASX: EMR; EMRO) was listed on the ASX in June 2006, raising $4 million. Emerald is an oil and gas exploration and production company with project interests in North Dakota and Texas in the USA and in the Canning Basin of Western Australia. Emerald’s focus is on conventional reservoir targets for oil and gas prospects and its primary objective is to achieve near term production and cashflow to build shareholder value and provide funds to fuel further growth. Emerald’s strategy is to take modest but meaningful positions in low risk exploration projects that can be swiftly brought into production.
Information in this announcement pertaining to exploration potential was compiled by Robert Berven, Emerald Oil & Gas NL’s Technical Director who is a Member of the Australasian Institute of Mining and Metallurgy and the American Association of Petroleum Geologists CPG # 2498.
Statements regarding Emerald’s plans with respect to its petroleum properties are forwardlooking statements. There can be no assurance that Emerald’s plans for development of its petroleum properties will proceed as currently expected. There can be no assurance that Emerald will be able to confirm the presence of additional petroleum deposits, that any discovery will prove to be economic or that an oil or gas field will successfully be developed on any of Emerald’s petroleum properties.