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EMERALD RESOURCES NL — Capital/Financing Update 2007
Aug 22, 2007
64849_rns_2007-08-22_7f48e808-6efa-437f-b5f1-c74f269d79ca.pdf
Capital/Financing Update
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ASX RELEASE
Release Date: 23 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.
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: | Date: | 23 August 2007 | 23 August 2007 | 23 August 2007 | 23 August 2007 |
|---|---|---|---|---|---|
| Permit: | R1 | ||||
| Well Location: | Lat : 17o08’ 23.46”SLong : 123o42’ 32.40”E | ||||
| Directional offset totarget: | 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: | 1566 mMD | ||||
| Time of Reporting: | 0600 hrs, WST 23 August 2007 | ||||
| Dilld 12 1/4” hl t 812MD St 9 5/8” | |||||
| Operations SinReport: | ce Last | re oe o m. ecasing at 808mMD. Drilled 81/2” hole to | |||
| 1566mMD | |||||
| Current Operat | ions: | Drillin ahead in 8 1/2” hole at 1566mM | |||
| (at 0600hrs, 23 Augu | st) | g | . | ||
| Hydrocarbon in | dications: | N/A | |||
| ARC Energy Limited - 38.95% (Operator)Empire Oil and Gas NL - 14.8% | |||||
| Participants in the well | Emerald Oil & Gas NL - 12.75%Pancontinental Oil & Gas NL - 10.0% | ||||
| (post earning): | Phoenix Resources PLC - 10.0%First Australian Resources Limited - 80% | ||||
| .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 : 23/08/2007
Planned TD : 3407.5mMD / 3300m TVSS Drill Floor Elevation : 18.1m amsl
Summary @06:00hrs WST
Drilling 8 1/2” hole at 1566m.
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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 23/08/0716001800200022002400260028003000 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 -----