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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 12, 2007
64849_rns_2007-09-12_c485e745-4ce5-45bc-b1d2-17c9291448c3.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
13 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: | 13 September 2007 | 13 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: | 3,038mMD | |
| Time of Reporting: | 0600 hrs, WST 13 September 2007 | |
| Operations Since LastReport: | Continue to directionally drill ahead to the primary target,Virgin Hills Formation. | |
| Current Operations: | Pulling out of hole for a bit change | |
| Hydrocarbon indications: | Elevated gas levels above background gas levels weredetected whilst drilling interbedded limestones, sandstonesandclaystonesoftheClanmeyerFormation.Thesignificance of these gas readings will be determined oncethe well has reached total depth and wireline logging hasbeen completed. | |
| 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% |
- Canning Basin Valentine 1
Spud Date: 12:30hrs 12[th] August 2007
General Well Data
DATE : 13/09/2007
Planned TD : 3407.5mMD / 3300m TVSS AFE: $3,826,543 Drill Floor Elevation : 18.1m amsl
Summary @06:00hrs
Drill ahead from 2954m – 3038mMD. POOH to change bit
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----- Start of picture text ----- Canning Basin Valentine-01(Exploration Well from Spud) Predicted ProgressActual ProgressBli0 13 3/8"@112mMD2004006009 5/8"@808mMD800POOH ChangeBHA at 1511m .1000Ream 1250-1511m20/08/071200POOH ChangeBit at 1797m1400Directional Control160023/08/071800 POOH ChangeBit at 2306m25/08/072000POOH Change Bit Run E Logs atat 2589m 2589m27/08/072200 Observe w ell, incMW to 1.32SG reduce MW to29/08/07 1.25sg drill ahead2400 POOH Change31/08/07 Bit at 2695m260002/09/07 POOH Change2800 Bit at 3038m300013/09/07Expected TD 3402.5mMD3200 3300mTVSS34000 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35DaysDepth (Measured below Rotary Table in metres)----- End of picture text -----
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.