Perth, Oct 28, 2008 AEST (ABN Newswire) - Empire Oil & Gas NL (ASX:EGO)(PINK:EOLGF) is pleased to announce that the current operation at 0600 hrs 28 October 2008 is drilling ahead in 8 1/2" (216mm) hole in
the Gearle Siltstone at 315 metres.
The future operations: Drill ahead with 8 1/2" hole to the reservoir objectives.
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 0000 hrs 27 October 2008 to 2400 hrs 27 October 2008
3. This ASX Release Time and Date: 1000 hrs WST 28 October 2008
4. Report No: 8
5. Spud Date/Rig: 30 September 2008
6. Days since Spud: 18 (Excluding 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 2400 hrs 27 October 2008 - 391m.
12. Geological Summary:
For the period up to 2400 hrs 27 October 2008 at 391m - 260-345m - Toolonga Calcilutite light grey green, fossil rich limestone, dispersive and sticky.
345-391m - Upper Gearle Siltstone, 40% Claystone, grey green/black, massive, grading to siltstone, 60% calcilutite, sticky, dispersive and firm Formation Tops
Trealla 15
Cardabia 35
Korojon 70
Toolonga 183
Gearle 345m
13. Hydrocarbon Indications: None anticipated in this shallow section.
14. Operations since last Report: Drilled 8 1/2" (216mm) hole from 256m to 391m at 2400 hrs 27 Oct, a progress of 135m.
15. Current Operations: Drilling ahead at 405m in Gearle Siltstone at 0600 hrs, 28 October 2008
16. Future Operations: Continue drilling ahead. 8 1/2" hole to the reservoir objectives.
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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