Perth, July 8, 2008 AEST (ABN Newswire) - Empire Oil & Gas (ASX:EGO)(PINK:EOLGF) Announce the Star Finch-1 well commenced drilling (spudded) at 0600 hours on 8 July, 2008 upon drilling out the 13 3/8" conductor set at a depth of 19 metres. The current operations at 0900 hours on 8 July 2008 is drilling ahead in 311mm (12 1/4") hole at 27 metres depth. Planned operations in the next 24 hours, will be drilling ahead in 12 1/4" hole.
The future drilling operations will be drilling ahead with 12 1/4" hole to approximately 100 metres where the 244mm (9 5/8") casing will be run and cemented. This 'top hole' drilling operation will be undertaken only in daylight hours.
Upon the 9 5/8" casing being cemented, the blow out prevention equipment will be installed and pressure tested, prior to drilling ahead with 8 1/2" hole. This will be the commencement of a 24 hour drilling operation with careful monitoring of the wellbore for oil and gas while drilling the Cretaceous aged reservoir objectives. The total depth of the Star Finch-1 well is 450 metres.
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:
The period 0600 hours WST 8 July 2008 to 0900 hrs WST 8 July 2008
3. This ASX Release Time and Date:
0900 hours WST 8 July 2008
4. Report No:
1
5. Spud Date/Rig:
DCA Rig 7 0600 hours WST 8 July 2008
6. Days since Spud:
0
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 8 July 2008 27 metres
12. Geological Summary:
At 0900 hours 8 July 2008 at 27 metres Drilled surface coastal Quaternary hard limestone
13. Hydrocarbon Indications:
At 0900 hours 8 July 2008:
None anticipated in Quaternary/Tertiary sediments
14. Operations since last Report:
Preparing to spud from 13 3/8" conductor set at 19 Metres
15. Current Operations:
At 0900 Hours 8 July 2008 Drilling hole 12 1/4" (311mm) hole at 27 meters.
16. Future Operations:
Drill ahead 12 1/4" hole to 100 metres. Run casing and cement. Install blowout
prevention equipment.
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%------------------------------------
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