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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 3, 2007
64849_rns_2007-09-03_6949543f-d6a0-4044-b897-f979e32afefc.pdf
Capital/Financing Update
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Level 2, 16 Altona Street West Perth WA 6005 Ph: 08 9482 0500 Fx: 08 9482 0505 Email: [email protected] www.emeraldoilandgas.com
4 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 release on the progress of the Canning Basin exploration programme with the drilling of the Valentine-1 exploration well.
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: | Date: | 4 September 2007 | 4 September 2007 | 4 September 2007 | 4 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: | 2,589mMD | ||||
| Time of Reporting: | 1200 hrs, WST 4 September 2007 | ||||
| Operations Since LastReport: | Drilled 8 ½” hole from 2,340 to 2,589mMD | ||||
| Current Operations: | Wiper Trip | ||||
| Hydrocarbon indications: | Further drilling through the claystones and limestones of theFairfield Group has revealed additional elevated gasreadings at 2295m, 2354m, 2404m, 2415m and 2470m MD,each representing an interval of several metres. A wiper tripis presently being run to condition the hole prior to runningan intermediate wireline logging suite to evaluate thesignificance of these hydrocarbon indications. | ||||
| ndications: | each rei | , ,presenting an intervaltl bi t | ,of several metres. A wipiti th hl i t | ||
| s preseny eng run o conan intermediate wireline loggi | on e oe pror o rung suite to evaluate the | ||||
| signific | ance of these hydroca | rbon indications. | |||
| Participants in(post earning): | ARC E | ner Limited - 3895 | (Oerator) | ||
| EmpireE | gy .Oil and Gas NL - 14.8Oil G NL 12 | p% | |||
| the well | meraPanco | d & as - .7ntinental Oil & Gas NL | %- 10.0% | ||
| Phoenix Resources PLC - 10First Australian Resources Li | .0%mited - 8.0% | ||||
| Indigo | Oil PtyLtd - 5.5% | ||||
| Comment: | |||||
| /A | |||||
Page 2
- Canning Basin Valentine 1
Spud Date: 12:30hrs 12[th] August 2007
General Well Data
DATE : 4/09/2007
Planned TD : 3407.5mMD / 3300m TVSS Drill Floor Elevation : 18.1m amsl
Summary @06:00hrs WST
Current depth 2589m. Observing Well. Wiper trip / RIH
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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"@808mMD8001000 20/08/071200Change drill bit at 1511m140022/08/07160024/08/07180026/08/072000Change drill bit at 2306m28/08/07220030/08/07 Change drill bit at 2589m24002600 01/09/0704/09/0728003000 Valentine-1Primary Target"Virgin Hills Formation"3200Expected TD 3402.5mMD 3300mTVSSLog & Evaluate34000 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 26DaysDepth (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 forward-looking 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.