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EMERALD RESOURCES NL — Capital/Financing Update 2007
Sep 12, 2007
64849_rns_2007-09-12_5363bbba-8954-4895-a43e-be1974077a7e.pdf
Capital/Financing Update
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ASX RELEASE
Release Date: 13 September 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 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: | 13 September 2007 | 13 September 2007 |
|---|---|---|
| Permit: | R1 | |
| Well Location: | Lat : 17o08’ 23.46”SLong : 123o42’ 32.40”E | |
| Directional offset to target: | 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: | 3,038mMD | |
| Time of Reporting: | 0600 hrs, WST 10 September 2007 | |
| Operations Since LastReport: | Continue to directionally drill ahead to the primary target,Virgin Hills Formation. | |
| Current Operations: | Pulling out of hole for a bit change | |
| Hydrocarbon indications: | Elevated gas levels above background gas levels weredetected whilst drilling interbedded limestones, sandstonesandclaystonesoftheClanmeyerFormation.Thesignificance of these gas readings will be determined oncethe well has reached total depth and wireline logging hasbeen completed. | |
| Participants in the well(post earning): | ARC Energy Limited - 38.95% (Operator)Empire Oil and Gas NL - 14.8%Emerald Oil & Gas NL - 12.75%Pancontinental Oil & Gas NL - 10.0%Phoenix Resources PLC - 10.0%First Australian Resources Limited - 8.0%Indigo Oil PtyLtd - 5.5% |
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- Canning Basin Valentine 1
Spud Date: 12:30hrs 12[th] August 2007
General Well Data
DATE : 13/09/2007
Planned TD : 3407.5mMD / 3300m TVSS AFE: $3,826,543 Drill Floor Elevation : 18.1m amsl
Summary @06:00hrs
Drill ahead from 2954m – 3038mMD. POOH to change bit
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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"@808mMD800POOH ChangeBHA at 1511m .1000Ream 1250-1511m20/08/071200POOH ChangeBit at 1797m1400Directional Control160023/08/071800 POOH ChangeBit at 2306m25/08/072000POOH Change Bit Run E Logs atat 2589m 2589m27/08/072200 Observe w ell, incMW to 1.32SG reduce MW to29/08/07 1.25sg drill ahead2400 POOH Change31/08/07 Bit at 2695m260002/09/07 POOH Change2800 Bit at 3038m300013/09/07Expected TD 3402.5mMD3200 3300mTVSS34000 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 26 27 28 29 30 31 32 33 34 35DaysDepth (Measured below Rotary Table in metres)----- End of picture text -----