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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 19, 2007
64849_rns_2007-09-19_815fe508-bc2a-45cf-9bf0-0b34ac1350a6.pdf
Capital/Financing Update
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ASX RELEASE
Release Date: 20 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.
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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: | 20 September 2007 | 20 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: | 3,241mMD | |
| Time of Reporting: | 0600 hrs, WST 20 September 2007 | |
| Operations Since LastReport: | Directionally drilled to 3241m. Changed the drill bit and reconfiguredthe directional assembly and now preparing to recommence drillingahead | |
| Current Operations: | Drilling Ahead | |
| Hydrocarbon indications: | None | |
| Comment: | Lithologies presently being drilled are predominantly tight limestonesand minor claystones of probable Devonian age with minor mud gasshows observed. The target Virgin Hills Formation clastic section hasyet to be intersected.Correlation of the new Valentine 1 stratigraphy with Puratte 1; themost equivalent well (50 kms away); indicates that the top of theVirgin Hills clastic objective is now prognosed slightly deeper atapproximately 3315m MD. This change in prognosed depth is notstructurally significant and reflects the uncertainty of prediction ofstratigraphyand depths in an underexplored basin. | |
| 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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- Canning Basin Valentine 1
Spud Date: 12:30hrs 12[th] August 2007
General Well Data
DATE : 20/09/2007
Planned TD : 3407.5mMD / 3300m TVSS Drill Floor Elevation : 18.1m amsl
Summary @06:00hrs WST
RIH after changing bit and directional assembly. Washing & Reaming to bottom at 3241m
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----- Start of picture text ----- Canning Basin Valentine-01(Exploration Well from Spud 12th August 2007) Predicted ProgressActual ProgressBli013 3/8"@112mMD2004006009 5/8" @808mMD80010001200 Change bit at1511m140016001800Change bit at2306m2000 Change bit at2589m2200Run E Logs at2400 2589m2600Change Bit at3241m Change Bit at28003038m3000 20/09/07Expected TD 3402.5mMD3300mTVSS320034000 5 10 15 20 25 30 35 40 45Days Valentine-1Primary Target"Virgin HillsDepth (Measured below Rotary Table in metres)----- End of picture text -----