Perth, Oct 24, 2008 AEST (ABN Newswire) - Empire Oil & Gas NL (ASX:EGO)(PINK:EOLGF) is pleased to announce that the current operation is complete pressure testing. The future operations: Drill out (244mm) 9 5/8" shoe, conduct formation integrity test, then drill ahead with 8 1/2" hole to the reservoir objectives, anticipated Saturday 25 October 2008.
LAKE MACLEOD-1 PETROLEUM EXPLORATION WELL
EP 439/461, WESTERN AUSTRALIA
1. Well Name/Permit Lake MacLeod-1 - EP 439/461, Western Australia
2. This report is for the Period: The period 0600 hrs 23 October 2008 to 1800 hrs 23 October 2008
3. This ASX Release Time and Date: 1000 hrs WST 24 October 2008
4. Report No: 6
5. Spud Date/Rig: 30 September 2008
6. Days since Spud: 14 (Including 9 days crew break from 7 to 15 October 2008)
7. Location of Well: Latitude 240 35' 26.03"S Longitude 1130 32' 19.38"E 2kms north east of Shot Point 1500 seismic line CG83-01
8. Elevation:
G.L. 2 metres
RT. 3 metres
RT to GL 5 metres
9. Proposed Total Depth: 1,000 metres
10. Targets: Gneudna Formation Carbonates, 535m to 1000 metres
11. Present Depth: At 1800 hrs 22 October 2008 - 160.13 m. Ran 9 5/8" casing to 155m
12. Geological Summary: No new formation drilled
13. Hydrocarbon Indications; None anticipated in this shallow section.
14. Operations since last Report: Completed installing Blow Out Prevention equipment and commenced pressure testing
15. Current Operations: Continue pressure testing
16. Future Operations: Conduct formation integrity test beneath 9 5/8" shoe. Commence drilling ahead 8 1/2" hole to reservoir objectives expected 25 October 2008.
17. Prospect Description: Good oil-prone source rocks are present in organic-rich marine shales nearby the Late Devonian Gneudna Formation. The Devonian section in the Quobba-1 well is predominantly shale so sealing of the reservoir in Lake MacLeod-1 are interpreted to be present. There were also good oil and gas shows throughout the Gneudna Formation in Quobba-1 demonstrating there are porous and permeable reservoirs in dolomites of the Gneudna Formation.
Structures drilled in the Gascoyne Sub Basin to date such as Quobba-1, Pendock-1D and Wandagee-1 were all formed during the Miocene which post dates primary hydrocarbon migration and are dry. The Lake MacLeod structure is interpreted to have formed during the Devonian and pre date primary hydrocarbon migration from the Gneudna Formation source rocks which generated their hydrocarbons during the Late Carboniferous to Permian. It is important to note that none of these early aged structures have been drilled in the Gascoyne Sub basin, Carnarvon basin.
The large Lake MacLeod Prospect covers an area of 27,500 hectares (70,000 acres). Estimated potential recoverable reserves for the larger Lake MacLeod-1 Prospect if the structure is filled to its maximum spill point are in the order of 150 million barrels. Potential recoverable oil reserves within the Lake MacLeod structure in the EP 461 Permit are more conservatively calculated using a 5000 hectare closure at the Top Nannyarra Sandstone and are estimated to be in the order of 30 million barrels of oil.
18. Participants in the well:
Empire Oil & Gas N.L. (Rough Range Oil Pty Ltd - Operator)- 30.356%
Longreach Oil Limited - 9.352%
Indigo Oil Pty Ltd - 4.676%
Falcore Pty Ltd - 2.596%
Vigilant Oil Pty Ltd - 0.52%
Jurassica Oil & Gas Plc - 35%
Black Fire Energy Limited - earning 7.5% by Farmin from the J.V.
DVM International Limited - earning 10% by Farmin from the J.V.
Contact
Mr Craig Marshall
Managing Director
Phone: +61-8-6389-2687
Facsimile: +61-8-9386-6812
E-mail: cmarshall@empireoil.com.au
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