oil sweet oil

Only another 50metres to drill this could be done in a day or so then who knows if its more shows then the oil and money will flow. In mind this was the status 8hrs ago

Drilling Update
(1) Block 330 – Sergipe Alagoas Basin, Brazil
Eromanga Hydrocarbons NL (ASX: ERH, ERHO and ERHCA) will provide a weekly update on drilling at the PACA 2 well and otherwise make announcements to the ASX as required.
Activity as at 11:30 am Tuesday 6 January 2009 (local time):
Drilling has reached 245m where the second casing shoe (9 5/8”) is being set and cemented.
Oil shows have been recorded in limestones of the Maruim Member of the Riachuelo Formation over the interval 132m to 189m; these oil indications are encouraging in that some leakage from the deeper principal reservoir section would be expected at this near crestal location on the PACA structure.
Over the 6m interval between 237m and 243m, just above the casing shoe, even stronger oil shows are present.
The principal target reservoir, the Morro do Chaves Member of the Coqueiro Seco Formation is expected to be present at a drilled depth of 295m, the secondary reservoir objective, the Barra de Itiuba Formation is predicted at a drilled depth of 372m.
The PACA 2 well is approximately 1 km to the NW of PACA 1 which has been under long term production testing since October 2008. (Refer Figure 1) PACA 2 well will also investigate the up-dip potential of the underlying Penedo Formation as a secondary objective; these reservoir quality sands were present in PACA 1 with oil shows, but were not tested. Terminal Depth for the well is 530 meters with drilling and testing expected to be completed in February 2009.
(2) Silver Marlin
Silver Marlin has advised that it is possible that the well at Block 138 will not be completed by the ANP's deadline for the Second Exploration Phase which requires logging of the target zone by 11 January. They also no longer expect to drill the well at Block 59 within this timeframe. Silver Marlin has applied to the ANP for a two year extension on both blocks.
Silver Marlin and Eromanga are discussing commercial options to complete drilling at Block 138. While these are being discussed, Silver Marlin has advised that drilling has stopped. The well is at a depth of 850m and has been cased.

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