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EMERALD RESOURCES NL — Capital/Financing Update 2007
Aug 29, 2007
64849_rns_2007-08-29_3fe2d795-d03f-409e-9fbe-3d07ed99fc58.pdf
Capital/Financing Update
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ASX RELEASE
Release Date: 30 August 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.
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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: | 30 August 2007 | 30 August 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: | 2,340mMD | |
| Time of Reporting: | 0600 hrs, WST 30 August 2007 | |
| Operations Since LastReport: | 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 weredetected over a 2 to 3 metre interval at approximately2,250mMD whilst drilling interbedded claystone and dense,well cemented sandstones of the marine member of theAnderson Formation. The significance of these gas readingswill be determined once the well has reached total depth andwireline 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 |
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- 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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----- 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 1511m140021/08/0722/08/07 23/08/07160024/08/071800 25/08/0726/08/072000 27/08/07Change drill bit at 2306m28/08/07220029/08/07 30/08/072400260028003000 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 -----