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EMERALD RESOURCES NL — Capital/Financing Update 2007
Nov 14, 2007
64849_rns_2007-11-14_9793160f-63bb-4420-9c99-52e29e111732.pdf
Capital/Financing Update
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ASX RELEASE
Release Date: 15 November 2007 To: Australian Stock Exchange Ltd No of Pages: 1 From: Eric Streitberg Re: Stokes Bay testing resumes
ARC Energy Limited advises that the EP104/R1 Joint Venture has re-commenced testing operations at the Stokes Bay-1 well at 09:45 Hrs on 14 November, 2007.
Testing operations are utilising a specialised testing crew that is more cost efficient than having the Century Rig 18 on location, and this small crew is also more able to access the Stokes Bay location should the wet season be early.
At completion of the initial test flow using Rig 18, the well was shut in and down hole pressure measurements taken. Interpretation of these pressure measurements together with surface shut in pressures provided encouragement that the well will flow and cleanup so that the nature of the reservoir fluid can be determined. Because of the vugular and cavernous nature of the porosity in the section and the amount of drilling fluid and lost circulation material lost to the formation, the well may take some time to flow and to cleanup. Wells in similar formations can take several days of flow before definitive reservoir fluids are observed.
Following initial setup and pressure testing of the wellhead, the first attempt to flow the fluids in the well to surface has not been successful and requires assistance to commence flow. The mobilisation of swabbing and other specialised equipment to the well-site will now take place to get the well to flow and assist with the cleanup of the well.
Participants in Stokes Bay 1 (post earning) are:
| ARC Energy Limited | 38.95% (Operator) |
|---|---|
| Empire Oil and Gas NL | 14.80% |
| Emerald Oil & Gas NL | 12.75% |
| Pancontinental Oil & Gas | 10.00% |
| Phoenix Resources PLC | 10.00% |
| First Australian Resources Limited | 8.00% |
| Indigo Oil | 5.50% |
This release will also be available on the Company’s website at; www.arcenergy.com.au.
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$500 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