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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 12, 2007
64849_rns_2007-09-12_db4289bb-52a4-42f4-897e-3632b476ca91.pdf
Capital/Financing Update
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Ground Floor 288 Stirling Street, Perth Western Australia 6000
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PANCONTINENTAL Oil & Gas NL ABN 95 003 029 543
P O Box 8260 Perth Business Centre Western Australia 6849
Tel: (61 8) 9227 3220 Fax: (61 8) 9227 3211 Email: [email protected] Web: www.pancon.com.au
ASX Release 13[th] September 2007
Valentine-1 Exploration Well Drilling Update
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 at a measured depth of 3,038m and the latest activity was tripping out of the hole for a bit change.
Intermediate logging over the interval 808m to 2589m MD 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 Virgin Hills Formation at approximately 3,222mRT. Final interests in R1 and EP104, post the Valentine 1 well farm-in earning program are:
| ARC Energy Limited (Operator) | 38.95% |
|---|---|
| Empire Oil and Gas NL | 14.8% |
| Emerald Oil & Gas NL | 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 continue to record elevated gas readings intermittently as we drill through claystones, Limestones and sandstones of the Clanmeyer Formation.”
“The significance of these elevated gas readings will be determined once the well has reached total depth and wireline logging operations have been completed” Matthew said.
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.