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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 5, 2007
64849_rns_2007-09-05_5544dc96-e258-425a-9acd-85531984cb7f.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\
6 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 Empire’s summary on the progress of the drilling of the Valentine-1 exploration well, Canning Basin, Western Australia..
Drilling to date to 2589 metres has revealed elevated gas readings in the well bore. Electric wireline logs have been run in the Valentine-1 well and as of 6.00 am on 6 September 2007 interpretation of these logs and their significance is currently being undertaken.
I look forward to providing the interpretation of the wireline logs over all the hydrocarbon indications recorded in the Valentine-1 well to date.
Regards
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J L CRAIG MARSHALL Managing Director EMPIRE OIL & GAS N.L.
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VALENTINE-1 DRILLING REPORT CANNING BASIN, WESTERN AUSTRALIA
| Date: | 6 September 2007 | 6 September 2007 |
|---|---|---|
| Permit: | R1 | |
| Well Location: | Lat : 17o08’ 23.46”S Long: 123o42’ 32.40”E |
|
| Directional offset to target: | 0 metres | |
| Elevation: | Ground Level is 12.4mAMSL 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: | 2,589mMD | |
| Time of Reporting: | 0600 hrs,WST 6 September 2007 | |
| Operations Since Last Report: |
Wiper trip to condition the hole prior to present wireline loggingsuite. |
|
| Current Operations: | Wireline Loggingthe interval 808m to 2589m MD. | |
| Hydrocarbon indications: | Previouslyannounced: Beingevaluated bywireline logging. | |
| 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% |
|
| Comment: | N/A |
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