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EMERALD RESOURCES NL Regulatory Filings 2007
64849_rns_2007-04-18_3c295234-f0ec-4916-9a4a-4336bd9cfb23.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
19 April 2007
Centralised Company Announcements Platform Australian Stock Exchange 10th floor, 20 Bond Street Sydney NSW 2000
DRILLING UPDATE
Emerald Oil & Gas NL is pleased to announce the following update on drilling activities in USA.
GLAMOUR GIRL PROSPECT JIM HOGG COUNTY, TEXAS
(Emerald earning 15% Working interest, Operator: Anderson Oil Ltd.)
Progress report on the Glamour Girl #1 well as at 7.00am 18 April 2007 (Texas time).
- Current Depth: 6,805 feet.
- Drilling ahead to primary objective at 8200-8300 Current Activity: feet.
- Emerald Interest: Emerald has a 15% WI (after casing point) in this prospect.
- About Glamour Girl Prospect: The Glamour Girl structure as currently mapped from 2-D seismic and one nearby well drilled in the 1980's which calculated gas-bearing sand and based upon Emerald's estimation, could host up to 40-50 BCF gas and 2+ million barrels of condensate from the Queen City Formation. The resources are based on nearby well and field production histories.
NW ALICE PROSPECT JIM WELLS COUNTY, TEXAS
(Emerald earning 10% Working interest, Operator: Noble Energy, Inc.)
Progress report on the RJ Hunter #1 well as at 5.30 am 18 April 2007, (Texas time).
- Current Depth: 8500 feet Target Depth (T.D.)
- Current Activities: The well spudded on March 11 and reached its prognosed T.D. of 8500 feet on March 28. The well discovered two main Yegua hydrocarbon bearing zones and smaller associated intervals for a total net interval of approximately 50 feet of gas condensate-bearing sands. The primary and objective Yequa-15 sand at around 7700 feet encountered gas, while the secondary objective lower Yequa 21 sand at approximately 8220 feet also encountered gas. After logging, production casing was run and cemented and the secondary objective the lower Yequa sand at 8220 feet, was perforated. A down-hole technical issue has prevented flow testing of the lower sand in this well. It appears that the casing has collapsed when perforated at the secondary objective, Yequa 21 sand. Partners in the well have agreed to plug off the lower zone at approximately 8200 feet, move uphole and perforate and frac the upper zone, which produced gas in the previous offset well to the south drilled by ARCO in 1954. It is possible that the Operator could sidetrack and re-complete the Yequa 21 zone at a later date or test it in subsequent development wells.
- Forward activities: Cleaning out hole. Preparing to set bottom hole plug, and perforate and frac Yegua 15 sand.
Emerald will announce further updates as. information is released by the operator.
About NW Alice Prospect: the NW Alice structure as currently mapped from 2-D seismic and nearby well control and, based upon Emerald's estimation, could host up to 100 BCF gas and 2.5 million barrels of condensate based on nearby well and field production histories.
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 recently announced a gas condensate discovery of over 50 feet at its NW Alice prospect in South Texas. 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.