total depth announcement..., page-23

** Repairs needed on the Rig , this is a very frustrating time for all holders of PCL ....... we need nerves of steel.

As per Announcement of this afternoon 24 Sep'07
Valentine-1 Exploration Well Drilling Update
Pancontinental Oil and Gas NL (ASX: PCL) wishes to advise that
Joint Venture (JV) partner and operator of the EP 104 & R1 Onshore
Canning Basin project, Arc Energy (ASX: ARQ), has announced
that drilling operations at the Valentine-1 exploration well are
continuing below a measured depth (MD) of 3,382m and is drilling
ahead after rig repairs.
Intermediate logging over the interval 808m to 2,589mMD to evaluate oil
& gas shows recorded at various intervals below 2,200mMD has been
completed and the well is now being deepened to the primary target.
The total measured depth of the Valentine-1 well is programmed to be
3,407mRT with the target sandstones of the Virgin Hills Formation yet to
be penetrated. Final interests in R1 and EP104 post the Valentine-1
well farm-in earning program are:
ARC Energy Limited (Operator) 38.95%
Empire Oil and Gas NL 14.8%
Emerald Oil & Gas NL 12.75%
Pancontinental Oil & Gas NL 10%
Phoenix Resources PLC 10%
First Australian Resources Limited 8%
Indigo Oil Pty Ltd 5.5%
Pancontinental General Manager, Matthew Battrick said: “We are
continuing to drill slowly through this interbedded sequence of hard rock
layers toward the target zone within the Virgin Hills Formation.
“Lithologies are predominantly tight dolomites and minor dolomitic
sandstones and claystones of Devonian (?) age with minor mud gas
shows observed.”