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ASX RELEASE
Release Date:
To:
From:
Re:
10 September 2007
Australian Stock Exchange Ltd
Eric Streitberg
Valentine-1 Update
No of Pages: 3
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:
Permit:
Well Location:
Directional offset to target:
Elevation:
Prognosed Depths
(measured KB):
Prognosed drilling time:
Spud Date:
Present Depth:
Time of Reporting:
Operations Since Last
Report:
Current Operations:
Hydrocarbon indications:
Participants in the well
(post earning):
10 September 2007
R1
Lat : 17o 08’ 23.46”S
Long : 123o 42’ 32.40”E
0 metres
Ground Level is 12.4mAMSL
Rotary Table is 18.1mAMSL
Top primary objective Total depth
3,222 metres 3,407 metres
25 days
1230 hrs, WST 12 August 2007
2,695mMD
0600 hrs, WST 10 September 2007
Intermediate logging of secondary objectives over the
interval 808m to 2589m MD has been completed, and the
well is now being drilled ahead to the primary target, Virgin
Hills Formation.
Running in hole after trip for bit change
Strong mud gas shows over the interval 2240m to 2470m
MD have now been evaluated by wireline logging: see
comments below.
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 Pty Ltd - 5.5%
Page 2
Several strong gas peaks were recorded from monitoring
gas in the drilling fluids (“mud gas”) over the interval 2240 to
2470m measured depth (MD). These were considered
sufficiently material to warrant an intermediate wireline
logging run over the gross open-hole interval 809m to 2589m
MD, and this has now been completed.
Preliminary analysis of the wireline log results indicates the
presence of porous (15%) and permeable sandstones of the
Lower Anderson Formation over the gross interval 2100 to
2260 m MD. A preliminary interpretation of the electric logs
and MDT results indicates low hydrocarbon saturations,
including the zones of strong mud gas shows at 2240 m to
2260m MD. These Lower Anderson sands and their lateral
equivalents are the primary target of the Stokes Bay 1 well,
which will target them in a crestal location on the structure.
Please note that at Valentine-1 the secondary reservoir
objective Anderson Formation sands are not mapped within
closure. This 160 metre gas show interval in Valentine-1
within the Anderson Formation enhances the prospectivity of
these objectives in the updip location in the Stokes Bay-1
Comment:
well.
The Stokes Bay 1 well will be drilled following Valentine 1.
The strong mud-gas shows in the deeper Laurel Fm (2400 m
to 2470m MD) are interpreted as being associated with a
series of organic rich tight carbonates and shales.
The results to date at Valentine 1 are very encouraging for
the prospectivity of the updip Stokes Bay well, and also for
the regional prospectivity of the Basin as they confirm the
presence of a significant hydrocarbon system in the Fitzroy
Trough of the greater Canning Basin, and have confirmed
the presence of reservoir quality sands and high quality
shale seals.
Since wireline logging, at 0600 hrs today, the well has been
deepened by 106m (to 2695mMD) towards the Virgin Hills
primary objective prognosed at 3222mMD. In drilling the
additional 106m, further elevated gas readings have been
recorded, and these have yet to be evaluated.
Page 3
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