Perth, July 23, 2008 AEST (ABN Newswire) - Empire Oil & Gas (ASX:EGO)(PINK:EOLGF) Announce the current operations at the Star Finch-1 well as at 0900 hours on 23 July 2008; drilling ahead in 8 1/2" hole at 372.5 metres in the Muderong Shale.
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 21 July 2008 to 0900 hrs WST 23 July 2008
3. This ASX Release Time and Date: 0900 hours WST 23 July 2008
4. Report No: 12
5. Spud Date/Rig: DCA Rig 7 0600 hours WST 8 July 2008
6. Days since Spud: 14.5
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 23 July 2008, 372.5 metres
12. Geological Summary: At 0900 hours 23 July 2008
275-280m Sandy Limestones
280-320m Siltstones/Claystones dark grey green
320-337m Siltstones/Claystones dark brown
337-342m Siltstones with radiolaria
342-372.5m Claystones dark grey
Formation Tops: Gearle Siltstones 280m
Windalia Radiolarite 337m
Muderong Shale 342m
13. Hydrocarbon Indications: At 0900 hours 23 July 2008 - None.
14. Operations since last Report: Drilled ahead 8 1/2" hole from 295 metres to 372.5 metres at 0900 hrs, 23 July 2008
15. Current Operations: At 0900 Hours 23 July, 2008. Drilling ahead in 8 1/2" hole at 372.5 metres in Muderong Shale.
16. Future Operations: Drill 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:
--------------------------------------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%------------------------------------
Contact
Empire Oil & Gas N.L.
Managing Director
Mr Craig Marshall
Tel: +61-8-6389-2687
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