ASX RELEASE
Release Date: 25 September 2007
To: Australian Stock Exchange Ltd No of Pages: 2
From: Eric Streitberg
Re: Valentine-1 Update
Please find attached an update on the Valentine-1 exploration well FOR IMMEDIATE RELEASE.
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: 25 September 2007
Permit: R1
Well Location:
Lat : 17o 08’ 23.46”S
Long : 123o 42’ 32.40”E
Directional offset to target: 0 metres
Elevation:
Ground Level is 12.4mAMSL
Rotary Table is 18.1mAMSL
Prognosed Depths
(measured KB):
Top primary objective Total depth
3,222 metres 3,407 metres
Prognosed drilling time: 25 days
Spud Date: 1230 hrs, WST 12 August 2007
Present Depth at 0600 hrs: 3,477mMD
Time of Reporting: 1230 hrs, WST 25 September 2007
Operations Since Last
Report:
Drilled ahead at 3382m MD.
Current Operations: Calling Red Adair to cap off wildcat gusher.
Hydrocarbon indications: Massive flows of light sweet crude, interspersed with
massive flows of natural gas and condensate have been evident since drill bit and pipe
were blown out of the well.
NASA currently tracking the debris as it re-enters from Low Earth Orbit.
Preliminary flow rates suggest a resevoir of at least 800 Billion barrels of oil
and at least 200 Trillion cubic ft of gas.
Comment:
Lithologies are predominantly porous sandstones of the Virgin Hills Formation with an unparalelled
flow rate never detected in any field prior.
Participants in the well
(post earning):
Empire Oil and Gas NL - 14.8%
ARC Energy Limited - 38.95% (Operator)
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
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