Valentine # 1 Well:Exploration Well Drilling...

Valentine # 1 Well:
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 at a final measured depth (MD) of 3,430m.
Final TD has been called at 3430m MD based on lack of porosity in
cuttings and the lack of significant hydrocarbon shows in the Virgin Hills
Formation section and a wiper trip is being performed prior to logging.
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: “The upper
portion of the clastic sediment interval of the target Virgin Hills Formation
is interpreted to have been intersected with lithologies being
predominantly tight sandstones and calcareous claystones. No
significant indications of hydrocarbons or porosity were noted over this
interval. Further evaluation of all intervals in this well will be undertaken
with the wireline logging program.
“Following the logging program, the well will be plugged back and
sidetracked to the Stokes Bay location. The very strong gas shows and
indications of porosity in the shallower intervals of the Anderson and
Laurel Formations is considered highly encouraging for the targets of the
Stokes Bay 1 well which were encountered as planned substantially
down-dip in the Valentine well bore.”
Enquiries:
Matthew Battrick
General Manager
Tel: 08 9227 3220, Fax: 08 9227 3211
Email: [email protected]
The summary report on the oil and gas projects is based on information compiled by Mr M A
Battrick, BSc, MAAPG, MPESA, MAICD, MPESGB, General Manager of Pancontinental Oil &
Gas NL. Mr Battrick has the relevant degree in geology and has been practising petroleum
geology for 26 years. Mr Battrick is a full-time employee of Pancontinental Oil & Gas NL and
has consented in writing to the inclusion of the information stated in the form and context in
which it appears.
25 September 2007