Perth, July 18, 2008 (ABN Newswire) - Empire Oil & Gas (ASX:EGO)(PINK:EOLGF) Announce the current operations at the Star Finch-1 well as of 2400 hours 17 July, continuing pressure testing.
The current operation at the Star Finch-1 well at 0900 hours on 17 July 2008 is completing pressure testing before drilling out the 9 5/8" casing shoe and conduct a formation integrity test before drilling ahead with 8 1/2" hole to the reservoir objectives.
STAR FINCH-1 PETROLEUM EXPLORATION WELL EP 460, WESTERN AUSTRALIA
1. Well Name/Permit Star Finch-1/EP 460, Western Australia
2. This Report is for the Period: 2400 hours WST 16 July 2008 to 2400 hrs WST 17 July 2008
3. This ASX Release Time and Date: 0900 hours WST 18 July 2008
4. Report No: 9
5. Spud Date/Rig: DCA Rig 7 0600 hours WST 8 July 2008
6. Days since Spud: 9.5
7. Location of Well: Latitude 240 44' 00' S Longitude 1130 44' 20" E
8. Elevation:
G.L. Above MSL - 6 metres
RT. 3 metres
RT to GL 10 metres
9. Proposed Total Depth: 450 metres
10. Targets: Primary Reservoir Objective: Birdrong Sandstone @ 390 metres
11. Present Depth: At 0900 hours 18 July 2008, 118 metres
12. Geological Summary: At 2400 hours 17 July 2008, no new formation drilled.
Formation Tops to Rotary Table Level (MRT).
Quaternary - 5 metres;
Korojon Calcarenite - 22 metres;
Toolonga Calcilutite - 67metres.
13. Hydrocarbon Indications: At 2400 hours 17 July 2008:
No new formation drilled. No hydrocarbons are anticipated in sediments or the Korojon Calcarenite and the Toolonga Calcilutite.
14. Operations since last Report: Continue pressure testing.
15. Current Operations: At 0900 Hours 18 July, 2008. Continue pressure testing blow out prevention and all control equipment.
16. Future Operations: Complete pressure testing. Drill out 9 5/8" shoe and conduct Formation Integrity Test before drilling ahead 8 1/2" hole to reservoir objectives.
17. Prospect Description: The Star Finch Prospect is a reverse faulted anticlinal structure formed by mid-Miocene compression. Potential hydrocarbons in the Star Finch structure are interpreted to have migrated up out of the Devonian sediments by faulting and fracturing during this compression. The main objective in the Star Finch Prospect is the Birdrong Sandstone. The nearby Bibbawarra Bore encountered approximately 15 metres of Birdrong Sandstone sealed by 27 metres of Muderong Shale. The prospect covers a large area of 3,000 hectares and potential recoverable reserves are estimated to be of the order of 50 billion cubic feet of gas or 25 million barrels of oil assuming a 5 metre oil leg. The Star Finch Prospect demonstrates bright seismic anomalies over the mapped closure. Bright anomalies have been a successful indication in many cases for natural gas entrapment in the Carnarvon Basin.
18. Participants in the well:
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Empire Oil & Gas N.L. (Rough Range Oil
Pty Ltd - Operator) - 22.856%
Jurassica Oil & Gas Plc - 40%
Longreach Oil Limited - 9.352%
Indigo Oil Pty Ltd - 4.676%
Falcore Pty Ltd - 2.596%
Vigilant Oil Pty Ltd - 0.52%
DVM International Limited - 20%
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19. Comment Delay in drilling ahead due to insistence by the Operator that all pressure testing is completed satisfactorily and supervisory personnel on site are accredited with well control certification together with the thorough induction of drilling crews in Safety Procedures. This procedure is obligatory with the Star Finch Structure being prospective for gas at a shallow depth.
