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EMERALD RESOURCES NL — Regulatory Filings 2007
Sep 10, 2007
64849_rns_2007-09-10_7a8aa352-41c4-4347-9dae-f19a90ad33ec.pdf
Regulatory Filings
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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
11 September 2007
Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000
PANDURA PROJECT DRILLING UPDATE
Emerald Oil & Gas NL (“Emerald”) hereby provides an update on drilling of the Kathleen Marie # 2 well at the Pandura prospect in Webb County, Texas USA.
PANDURA PROSPECT WEBB COUNTY, TEXAS
(Emerald earning 15% Working interest, Operator: Daytona Energy Corporation.)
Progress report on the Kathleen Marie #2 well as at 9.00 pm 10 September 2007 (Texas time).
Current Depth:
8,500 feet (total depth).
Operation:
Preparing to plug and abandon after review of wireline logs.
Wireline logs confirmed the presence of several thin (1-2 feet) gas bearing sands within the Lobo primary and secondary objectives. However, these thin sands do not appear to be sufficient to support an economic well, when compared to surrounding producing wells in the area.
The operator Daytona Energy Corporation has therefore recommended plugging and abandoning the well.
Emerald Interest:
Emerald has earned a 15% working interest in the well by paying 21.18% of the dry hole costs of the well.
Emerald advises that it will provide further progress reports as they are available on its other drilling operations currently under way:
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Jaime Garcia gas unit #2 well at the Palito Blanco prospect located in Duval and Jim Wells Counties, Texas, USA;
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Valentine 1 well, EP104/R1 project, Canning Basin WA.
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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