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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 23, 2007
64849_rns_2007-09-23_f21aa678-cd6b-4acf-b48f-abcbf8a2702d.pdf
Capital/Financing Update
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ASX RELEASE
Release Date: 24 September 2007 To: Australian Stock Exchange Ltd No of Pages: 2 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.
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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: | 24 September 2007 | 24 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 12.4mAMSLRotary 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 0600 hrs: | 3,377mMD | |
| Time of Reporting: | 0600 hrs, WST 24 September 2007 | |
| Operations Since LastReport: | Directionally drilled from 3241m as of 20/9/07 to 3,377m on22/9/07 when drilling stopped due to break-down of top drivehydraulic unit. | |
| Current Operations: | At 0600 hrs this morning(24/9/07), repairs were almost complete and by 0700hrs thewell was drilling ahead at 3382m MD. | |
| Hydrocarbon indications: | None | |
| Comment: | Lithologies are predominantly tight dolomites and minordolomitic sandstones and claystones, of Devonian age; withminor mud gas shows observed. The primary reservoirobjective; porous sandstones of the Virgin Hills Formationhave not been intersected in the well to date. | |
| 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% |
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