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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 3, 2007
64849_rns_2007-09-03_3c536408-512a-45fe-95c7-3a62377b27cf.pdf
Capital/Financing Update
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ASX RELEASE
Release Date: 4 September 2007 To: Australian Stock Exchange Ltd No of Pages: 3 From: Eric Streitberg Re: Valentine-1 Update
Please find attached an update on the Valentine-1 exploration well.
The attached release will also be available on the Company’s website at; www.arcenergy.com.au.
For enquiries please contact:
For inquiries please contact: Eric Streitberg, Managing Director Telephone +61 8 9480 1300 Freecall 1800 337 330 Email [email protected]
About ARC Energy Limited ARC Energy is one of Australia’s pre-eminent energy companies, owning and operating oil and gas interests in the Perth, Canning and Bass basins, and internationally. Listed on the Australian Stock Exchange with a market capitalisation of approximately A$450 million, ARC has an aggressive onshore and offshore exploration and development drilling program. It continues to drive increased shareholder value by the early adoption of innovative technical and commercial practices.
Page 1
Level 4, 679 Murray Street, West Perth, Perth Western Australia 6005 Freecall: 1800 337 330 Tel: 61 8 9480 1300 Fax: 61 8 9480 1388 Website: www.arcenergy.com.au, Email: [email protected] , ASX Code: ARQ
VALENTINE-1 DRILLING REPORT CANNING BASIN, WESTERN AUSTRALIA
| Date: | 4 September 2007 | 4 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 Rotary 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 Last Report: |
Drilled 8 ½” hole from 2,340 to 2,589mMD | |
| Current Operations: | Wiper Trip | |
| Hydrocarbon indications: | Further drilling through the claystones and limestones of the Fairfield Group has revealed additional elevated gas readings at 2295m, 2354m, 2404m, 2415m and 2470m MD, each representing an interval of several metres. A wiper trip is presently being run to condition the hole prior to running an intermediate wireline logging suite to evaluate the significance of these hydrocarbon indications. |
|
| 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% |
|
| Comment: | N/A |
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- 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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Canning Basin Valentine-01
(Exploration Well from Spud) Predicted Progress
Actual Progress
Bli
0 13 3/8"@112mMD
200
400
600
9 5/8"
@808mMD
800
1000 20/08/07
1200
Change drill bit at 1511m
1400
22/08/07
1600
24/08/07
1800
26/08/07
2000
Change drill bit at 2306m
28/08/07
2200
30/08/07 Change drill bit at 2589m
2400
2600 01/09/07
04/09/07
2800
3000 Valentine-1
Primary Target
"Virgin Hills Formation"
3200
Expected TD 3402.5mMD 3300mTVSS
Log & Evaluate
3400
0 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
Days
Depth (Measured below Rotary Table in metres)
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