AI assistant
EMERALD RESOURCES NL Capital/Financing Update 2007
64849_rns_2007-04-01_3e09b051-d9e5-4fda-9f07-f9ec89bf05d8.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
OIL & GAS NL
Level 2, 16 Altona Street West Perth WA 6005 Ph: +618 9482 0500 Fx: +618 9482 0505 Email: [email protected] www.emeraldoilandgas.com
2 April 2007
Centralised Company Announcements Platform Australian Stock Exchange 10th floor, 20 Bond Street Sydney NSW 2000.
DRILLING UPDATE
Highlight
$\blacktriangleright$ RJ Hunter #1 well (NW Alice Project) discovers several gas zones and is to be completed as a gas and condensate producer.
Emerald Oil & Gas NL is pleased to announce the following update on drilling activities in USA.
NW ALICE PROSPECT JIM WELLS COUNTY, TEXAS
(Emerald earning 10% Working interest, Operator: Noble Energy, Inc.)
Emerald Oil & Gas NL ("Emerald") is pleased to report on drilling at the RJ Hunter #1 well as at 5.30 am 1 April 2007, (Texas time).
- Total Depth: 8,500 feet.
- Drilled to a total depth of 8,500 feet. Ran Current Activity: Schlumberger wireline logs; took sidewall cores for reservoir analysis.
Ran production casing to total depth based on gas shows from primary and secondary objectives over approximately 50+ feet while drilling and from wireline log and sidewall core analysis.
The Operator has advised it plans to run a cased hole velocity profile next week, and plans to perforate the Yequa - 21 sand in the week of April 6-10, 2007.
| Further technical information will be announced as it comes available in a form suitable for market release. |
|
|---|---|
| Emerald's Interest: | Emerald is earning a 10% Working Interest in the NW Alice Prospect. |
| About NW Alice Prospect: the NW Alice structure as currently mapped from 2-D seismic and nearby well control and, based upon |
Emerald's estimation, could host up to 100 BCF gas and 2.5 million barrels of condensate based on nearby well and field production histories.
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 Texas and North Dakota 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.
For more information please contact:
Emerald Oil & Gas NL Tel: +618 9482 0510
JOHN HANNAFORD Executive Director - Finance [email protected]
BOB BERVEN Executive Director - Technical [email protected]
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.