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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 23, 2007
64849_rns_2007-09-23_71c891c6-1f11-4e64-becd-f7dd2c259925.pdf
Capital/Financing Update
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PANCONTINENTAL OIL & GAS NL
ASX Release
24 September 2007
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Valentine-1 Exploration Well Drilling Update
MARKET DATA
ASX: PCL
12 month high: $0.085 12 month low: $0.065 Market cap: $ 28M 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
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 below a measured depth (MD) of 3,382m and is drilling ahead after rig repairs.
Intermediate logging over the interval 808m to 2,589mMD to evaluate oil & gas shows recorded at various intervals below 2,200mMD has been completed and the well is now being deepened to the primary target. The total measured depth of the Valentine-1 well is programmed to be 3,407mRT with the target sandstones of the Virgin Hills Formation yet to be penetrated. Final interests in R1 and EP104 post the Valentine-1 well farm-in earning program are:
| ARC Energy Limited (Operator)Empire Oil and Gas NLEmerald Oil & Gas NL | 38.95%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: “We are continuing to drill slowly through this interbedded sequence of hard rock layers toward the target zone within the Virgin Hills Formation.
Finance Director
Barry Rushworth New Ventures Director Ian Cornelius
“Lithologies are predominantly tight dolomites and minor dolomitic sandstones and claystones of Devonian (?) age with minor mud gas shows observed.”
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]
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.