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EMERALD RESOURCES NL — Capital/Financing Update 2008
Mar 4, 2008
64849_rns_2008-03-04_9b89a434-31cd-4e43-b06b-2535145c3dbd.pdf
Capital/Financing Update
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Level 2, 16 Altona Street West Perth WA 6005 Ph: +618 9482 0500 Fx: +618 9482 0505 Email: [email protected] www.emeraldoilandgas.com
4 March 2008
Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000
NW ALICE PROSPECT UPDATE
Emerald Oil & Gas NL (“Emerald”) is pleased to provide an update on its North West Alice Project in Texas, USA.
NW ALICE PROSPECT, JIM WELLS COUNTY, TEXAS
(Emerald 10% Working interest, Operator: Noble Energy, Inc.)
Current Activity:
The Operator has advised that the field acquisition of the 3D seismic data has been completed. The seismic data is now being processed in Houston, Texas; and is expected to be available for interpretation within the next 60 days.
Future Plans:
The size of the structure as currently mapped from 2-D seismic and well control could host 50 to 100 BCF gas and 1.5 to 2.5 million barrels of condensate. The 3D seismic data will further enhance and delineate the structure to enable better understanding of the fault trends to identify future well locations. It is anticipated the Operator will undertake an appraisal well in Q2 or Q3 of 2008. This continues to be Emerald’s key project in the USA with 3.5 to 7 BCF gas and 100,000 to 170,000 barrels condensate potential resources net to Emerald following the gas discovery at the RJ Hunter # 1 well in March 2007.
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]
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.
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