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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 16, 2007
64849_rns_2007-09-16_cde66e44-95c7-48da-918b-81d846d766a4.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
17 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.
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: | 17 September 2007 | 17 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: | 3,234mMD | |
| Time of Reporting: | 0600 hrs, WST 17 September 2007 | |
| Operations Since LastReport: | Continue to directionally drill ahead to proposed TD | |
| Current Operations: | Drilling ahead | |
| Hydrocarbon indications: | Since the last report, the well has drilled through interbeddedlimestones and thin claystones with minor mud gas observed. | |
| Comment: | Since the last report on Thursday September 13th, the wellhasbeen deepened from 3038m MD to the current depth.Lithologies encountered are predominantly tight limestones andminor claystones of Devonian age with minor mud gas showsobserved. The primary objective clastic units of the Virgin HillsFormation have yet to be intersected. | |
| 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% | |
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.