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EMERALD RESOURCES NL — Capital/Financing Update 2007
Nov 4, 2007
64849_rns_2007-11-04_50131071-a6c4-4cde-838d-b67bf3d4d6dc.pdf
Capital/Financing Update
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ASX RELEASE
Release Date: 5 November 2007 To: Australian Stock Exchange Ltd No of Pages: 2 From: Eric Streitberg Re: Stokes Bay-1 Update
Please find attached an update on the Stokes Bay-1 well.
The attached 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
STOKES BAY-1 DRILLING REPORT CANNING BASIN, WESTERN AUSTRALIA
| Date: | 5 November 2007 |
|---|---|
| Permit: | R1 |
| Well Location: | Lat : 17o08’ 23.46”SLong : 123o42’ 32.40”E |
| Directional offset to target: | 1024 metres |
| Elevation: | Ground Level is 12.4mAMSLRotary Table is 18.1mAMSL |
| Spud Date: | 0930 hrs, WST 3rdOctober 2007 |
| Present Depth at 0600 hrs: | 2777m MD |
| Time of Reporting: | 0600 hrs, WST 5 November 2007 |
| Operations Since LastReport: | Since the last report on 1 November, production tubing hasbeen run in the well and a production flow test commenced at17:00 hours on Sunday 4 November.The well has been flowing at relatively steady rates of some3,000 to 4,000 barrels of fluid per day at a well head pressure ofsome 30 psi. Fluids recovered to date appear from salinity anddensitymeasurements to be drillingmud and associated fluids. |
| Current Operations: | Running flow test |
| Hydrocarbon indications: | No hydrocarbons have been observed to date. |
| Comment: | In excess of 12,000 barrels of drilling fluids were lost duringdrilling and completion and approximately 2,400 barrels havebeen recovered. The test will be continued until formation fluidsare identified. |
| Participants in the Permit(post earning): | ARC Energy Limited38.95% (Operator)Empire Oil and Gas NL14.80%Emerald Oil & Gas NL12.75%Pancontinental Oil & Gas NL10.00%Phoenix Resources PLC10.00%First Australian Resources Limited8.00%Indigo Oil PtyLtd5.50% |
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