AI assistant
EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 24, 2007
64849_rns_2007-09-24_7523fa8e-aa16-4c3b-9438-c3027604edf6.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [110 x 55] intentionally omitted <==
ASX RELEASE
Release Date: 25 September 2007 To: Australian Stock Exchange Ltd No of Pages: 3 From: Eric Streitberg Re: Valentine-1 Update
Please find attached an update on the Valentine-1 exploration well.
The attached release will also be available on the Company’s website at; www.arcenergy.com.au.
For inquiries please contact:
Eric Streitberg, Managing Director Telephone +61 8 9480 1300 Freecall 1800 337 330 Email [email protected]
About ARC Energy Limited
ARC Energy is one of Australia’s pre-eminent energy companies, owning and operating oil and gas interests in the Perth, Canning and Bass basins, and internationally. Listed on the Australian Stock Exchange with a market capitalisation of approximately A$450 million, ARC has an aggressive onshore and offshore exploration and development drilling program. It continues to drive increased shareholder value by the early adoption of innovative technical and commercial practices.
Page 1
Level 4, 679 Murray Street, West Perth, Perth Western Australia 6005 Freecall: 1800 337 330 Tel: 61 8 9480 1300 Fax: 61 8 9480 1388
Website: www.arcenergy.com.au, Email: [email protected], ASX Code: ARQ
VALENTINE-1 DRILLING REPORT CANNING BASIN, WESTERN AUSTRALIA
| Date: | 25 September 2007 | 25 September 2007 |
|---|---|---|
| Permit: | R1 | |
| Well Location: | Lat : 17o08’ 23.46”S Long : 123o42’ 32.40”E |
|
| Directional offset to target: | 0 metres | |
| Elevation: | Ground Level is 12.4mAMSL Rotary Table is 18.1mAMSL |
|
| Prognosed Depths (measured KB): |
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 from 3,377m to 3430mMD. 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. |
|
| Current Operations: | Performing a wiper trip prior to logging. | |
| Hydrocarbon indications: | None in the section just drilled. | |
| Comment: | The clastic sediments of the target Virgin Hills Formation are 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 planned wireline logging program. Following the logging program, the well will be plugged back and sidetracked to the Stokes Bay targets. In Valentine-1 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-dipin the Valentine well bore. |
Page 2
| 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% |
|---|---|
Page 3