stokesbay

Since last report on Thursday October 11th, Stokes Bay-1 ha
been deepened from 1841mMD to present TD of 2755mMD.
Stokes Bay-1 was drilled to a depth of 2589 metres at 1930
hours on 15 October 2007, having intersected the origina
primary objective; the Carboniferous aged Anderson Formation.
Subsequently, ARC Energy Limited (Operator) proposed to the
EP 104/R1 Joint Venture that the well be deepened from 2589
metres to approximately 2800 metres to evaluate the Uppe
Devonian aged Nullara carbonates. This recommendation wa
based on the favourable information gained from the recen
Valentine wellbore and recognition that the Nullara carbonate
reef level produces oil at Blina, and had strong shows in the
nearby Point Torment 1 well. Parties electing to participate in the
deepening operation and their respective equity levels in this par
of the Stokes Bay-1 well (below 2589mMD) are:
• ARC Energy Limited – 69.25% (Operator)
• Emerald Oil & Gas NL - 12.75%
• Pancontinental Oil & Gas NL - 10.0%