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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 12, 2007
64849_rns_2007-09-12_9498c77b-fe9c-4f1f-96ec-c5c1198895ad.pdf
Capital/Financing Update
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EMPIRE OIL & GAS NL
ACN 55 063 613 730 SUITES 7 & 8 154 HAMPDEN ROAD NEDLANDS 6009 WESTERN AUSTRALIA TELEPHONE 61 8 6389 2687 FACSIMILE 61 8 9386 6812 EMAIL [email protected] WEBSITE www.empireoil.com.au\
13 September 2007
ASX Limited Company Announcements Office Level 4 20 Bridge Street SYDNEY NSW 2000
Dear Sirs
RE: EP 104/R1 CANNING BASIN, WESTERN AUSTRALIA – UPDATE ON THE VALENTINE-1 WELL
Please find attached a release providing details of the elevated gas levels encountered above background gas in the Clanmeyer Formation, the section overlying the primary reservoir objective, Virgin Hills Formation together with details of the progress of the drilling of the Valentine-1 exploration well, Canning Basin, Western Australia as of 0600 am 13 September 2007.
The current operations at 0600 hours, 13 September 2007, pulling out of the hole at 3038 metres for a new drill bit to drill ahead to the top primary reservoir objective, the Virgin Hills Formation, prognosed at 3222 metres.
I look forward to providing further details of the additional intervals of the elevated gas readings intersected in the well from 2695 metres to the current depth of 3038 metres.
Regards
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J L CRAIG MARSHALL BSc (Hons), F. Aus. IMM, CPGeo Managing Director Empire Oil & Gas NL Suite 7, 154 Hampden Road, Nedlands WA 6009 Telephone: 61 8 6389 2687 Facsimile: 61 8 9386 6812 Email: [email protected]
VALENTINE-1 DRILLING REPORT CANNING BASIN, WESTERN AUSTRALIA
| CANNING | BASIN, WESTERN AUSTRALIA | BASIN, WESTERN AUSTRALIA | BASIN, WESTERN AUSTRALIA |
|---|---|---|---|
| Date: | 13 September 2007 | ||
| Permit: | R1 | ||
| Lat : 17o08’ 2346”S | |||
| Well Location: | . | ||
| Long: 123o42’ 32.40”E | |||
| Directional offset to target: | 0 metres | ||
| Ground Level is 124mAMSL | |||
| Elevation: | .RotaryTable 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 10 September 2007 | ||
| Operations Since LastReport: | Continue to directionally drill ahead to the primaryVirgin Hills Formation. | target, | |
| Current Operations: | Pullingout of hole for a bit change | ||
| Hydrocarbon indications: | Elevated gas levels above background gas levdetected whilst drilling interbedded limestones, saandclaystonesoftheClanmeyerFormatisignificance of these gas readings will be determithe well has reached total depth and wireline log | ||
| 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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