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EMERALD RESOURCES NL — Capital/Financing Update 2007
Aug 29, 2007
64849_rns_2007-08-29_dd8c735e-f1b6-4eea-8cef-a227630ec24d.pdf
Capital/Financing Update
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Level 2, 16 Altona Street West Perth WA 6005 Ph: 08 9482 0500 Fax: 08 9482 0505 Email: [email protected] www.emeraldoilandgas.com
30 August 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: | 30 August 2007 | 30 August 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: | 2,340mMD | |
| Time of Reporting: | 0600 hrs, WST 30 August 2007 | |
| Operations Since Last Report: |
Drilled 8 ½” hole from 1,566 to 2,340mMD | |
| Current Operations: | Drilling ahead in 81/2” hole at 2,340mMD | |
| Hydrocarbon indications: | Elevated gas levels above background gas levels were detected over a 2 to 3 metre interval at approximately 2,250mMD whilst drilling interbedded Claystone and dense well cemented sandstones of the marine member of the Anderson Formation. The significance of these gas readings will be determined once the well has reached total depth and wireline logging has been completed |
|
| 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 |
- Canning Basin Valentine 1
Spud Date: 12:30hrs 12[th] August 2007
General Well Data
DATE : 30/08/2007
Planned TD : 3407.5mMD / 3300m TVSS Drill Floor Elevation : 18.1m amsl
Summary @06:00hrs WST
Drilling 8 1/2” hole at 2340m.
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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
21/08/07
22/08/07 23/08/07
1600
24/08/07
1800 25/08/07
26/08/07
2000 27/08/07
Change drill bit at 2306m
28/08/07
2200
29/08/07 30/08/07
2400
2600
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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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 forwardlooking 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.