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EMERALD RESOURCES NL Regulatory Filings 2007
64849_rns_2007-05-03_1d9e4f5b-0e19-40b8-ac9a-34cd14d8b12f.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
4 May 2007
Centralised Company Announcements Platform Australian Stock Exchange 10th floor, 20 Bond Street Sydney NSW 2000
NW ALICE UPDATE
Emerald Oil & Gas NL hereby provides an update on the NW Alice Project.
NW ALICE PROSPECT, RJ HUNTER #1 WELL JIM WELLS COUNTY, TEXAS
(Emerald 10% Working interest, Operator: Noble Energy, Inc.)
On April 2, 2007 Emerald Oil & gas NL announced that the RJ Hunter # 1 well had discovered several gas-bearing zones within the target Yegua formation and was to be completed as a potential gas and condensate producer. Following the Operator's review of all drilling data including Schlumberger logs and sidewall core analysis the Operator proceeded to run production casing to a total depth of 8,500 feet.
On April 19, 2007 Emerald announced that the primary objective Yegua-15 sand at around 7,700 feet had encountered gas and the secondary objective Yequa-21 sand at approximately 8,220 feet was also gas bearing.
As previously announced downhole mechanical issues in the Y-21 sand and water incursion in the Y-15 sand have continued to prevent a successful completion of the RJ Hunter #1 well. The Operator has shut in the Y-15 sand zone due to continual incursion of fresh water inhibiting gas flows during testing, and will now evaluate other uphole zones for flow testing.
In the current opinion of the directors of Emerald Oil & Gas NL and the Operator the $Y-21$ zone mechanical problems at the RJ Hunter $#1$ well have not changed the discovery status of this well. Emerald is awaiting further communication from the Operator Noble Energy regarding its recommended future plans to explore/exploit this large gas-bearing structure
Further announcements will be made as information is available.
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.
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]
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.