http://emerald-energy-een.blogspot.com/


I decided to start this thread due to the lack of interest via the other thread?
Today EEN with its partner GPX released what can only be described as outstanding news, a 3rd appraisal well in a field couple of kms across flowed 3420bo on a small choke, unaided and they still have not found the limits of this field. Reserves will released in the next 3 weeks and could go as high as 100mbo(speculative).
The market has yet to digest this latest news and imo the SP is still in the bargain range?

http://www.emeraldenergy.com
http://www.investegate.co.uk/Article.aspx?id=200812220700095529K
http://www.investegate.co.uk/Article.aspx?id=200901260700092060M
http://www.emeraldenergy.com/documents/20090126EENInvestorPresentation.pdf/
http://www.investegate.co.uk/Article.aspx?id=200902110700131142N
http://www.emeraldenergy.com/documents/EEN2008Results.pdf
http://www.investegate.co.uk/Article.aspx?id=200905060700127309R
http://www.emeraldenergy.com/documents/EENInvestorPrentation/May2009.pdf

cyril

Sorry about double post, the screen came up as web not accepting?
cyril

Emerald Energy Plc ("Emerald" or the "Company") would like to provide the
following update on activities in Block 26, Syria.



The Khurbet East No.3 appraisal well has reached a total depth of 2,050 metres,
encountered the Cretaceous Massive reservoir as expected, and been flow tested
at an average rate of 3,420 barrels of oil per day.



The well was the second appraisal well drilled in the Khurbet East field,
following the Khurbet East No.1 discovery, located approximately 0.9 kilometres
to the northwest, and the successful Khurbet East No.2 appraisal, located
approximately 1.2 kilometres to the north of Khurbet East No.3. The main
objectives of the No. 3 well were to obtain reservoir and structural information
in the Cretaceous Massive formation and conduct a production test of the main
reservoir section.

Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNG
Overseas Ltd.

who got the other 50.

GPX is the other partner, of course EEN have producing wells in Colombia at over
3500bopd(great for revenue) and are expected more news from that quarter.
cyril

Gulfsands, Emerald Energy say Khurbet East No 3 well tests at average 3,420 bopd


LONDON (Thomson Financial) - Gulfsands Petroleum PLC said the second
appraisal well on the Khurbet East field in Syria has tested at an average 3,420
barrels of oil per day (bopd), and first oil is targeted in the fourth quarter
of 2008.
In a separate release Emerald Energy PLC, which shares an interest in the
the block, said these tests on the Khurbet East No 3 well continue to
demonstrate "the high production potential" of wells in that field.
Gulfsands and Emerald each own 50 pct interest in Block 26, which houses the
discovery, and Gulfsands is operator.

TFN.newsdesk@thomson.com
jro/ajb

niceonecyril

Khurbet East No.3 is located approximately 0.9 kilometres southwest of the
Khurbet East No.1 discovery well and 1.2 kilometres south of the Khurbet East
No.2 well



Emerald Energy Plc

20 November 2007


Khurbet East No.3 Well Update, Block 26, Syria

Emerald Energy Plc ("Emerald" or the "Company") would like to provide the
following update on activities in Block 26, Syria.

The drilling of the Khurbet East No.3 well has commenced using the MB-3 rig.
Khurbet East No.3 is located approximately 0.9 kilometres southwest of the
Khurbet East No.1 discovery well and 1.2 kilometres south of the Khurbet East
No.2 appraisal well and will further appraise the Cretaceous aged Massive
reservoir encountered in these wells.

Have corrected my original posts, working from memory?
cyril

It'll be interesting to see how the SP acts today,with a little more time to analyse
yesterdays excellent news we may see some buying,or will they wait for
reserve update? It should be known that their are plans to drill 4 more wells into the field this year, and also this there are 2 lower levels to explore and lighter sweeter oil is expected?
So come the end of 2008 we could be producing 10,000bopd(via trucking)on top
of the Colombian output,which is expected to release news in the v/near future?
cyril
ps
I've added the EEN's web site to the lead post for convenience.

10000 barrels per day ?, just een, hope so, but very optimistic niceonecyril.

No, the the field total of which 5000bopd would be attributed to EEN?If we could get an average of say 2000bopd per well, 10,000 is realistic.
Also this Block26 is hugh and we have i believe 30 identified targets of which one more exploration well is required this year.
cyril

On reading around what i find interesting, is that some of the better and more knowledgable investors bought into EEN on yesterdays news. These are some of the most experianced oilers around and imo gives a big thumbs up to the latest set of results.
cyril

niceonecyril

Emerald own 50% Off block 26.
Gulfsands own %50 Off block 26

Participating Interests
Emerald Energy 50%
Gulfsands Petroleum 50% (operator)

http://www.emeraldenergy.com/documents/20071024UpdateOctober2007Final.pdf

If you're correct Niceonecyril about the 10000 barrels per day (though I have serious doubts) at the end of the year then this company should add at least a pound in value, perhaps more.

Again working from memory i was on the understanding that the Syrian Petrolium
Company owned 50%? Have tried EEN web site only to find it busy,so i refer you back to,
http://www.investegate.co.uk/Article.aspx?id=200511141540131013U

Information on Block 26
4th paragraph. If my interepation is wrong or things have changed,
all the better. Could you give me your thoughts on the above.
cyril
PS I think i have it now, its 50% of the overseeing contractor for the purpose of the 12,5% royalty.I knew their was a reference to 50% somewhere, i've a long time
out of EEN but had it on my watchlist, bought in prior to christmas at 188p.
I will address my previous posts, and thanks for putting me right.

http://www.oilbarrel.com
You need to click on the Gulfsands Pet (its partner) article.
cyril

niceonecyril

EEN pay thier own 12.5% royalty tax on their share of oil.
Syria: Block 26 Economics
slide 6
Participating Interests
Emerald Energy 50%
Gulfsands Petroleum 50% (operator)
Royalty 12.5% of gross oil production
Cost Oil 50% gross production less royalty
Profit Oil Contractor 35%/SPC 65% up to 25,000 bopd, sliding scale at higher production rates
Bonuses
$2m payable on reaching 25kbopd
$5m payable on reaching 50kbopd
Taxes
SPC pays Contractor income taxes from SPC share of profit oil
Net Profit Interest
2.5% NPI and production bonus of up to $0.5m payable to 3rd party

http://www.emeraldenergy.com/documents/20071024UpdateOctober2007Final.pdf

The above from Emerald Energy 24 Oct 2007 Investor Presentation Update October 2007 - PDF(947

look in Investor Publications

Thanks DFGO i think i've got it. I've been on the GPX site and read their presentations,very impressive. I believe i mixed up Syria with Colombia,this old age doesn't come alone.
cyril

Bizarre, this stock has had the best drilling results since Christmas and yet today it's down, there should be some news from Colombia soon.

I think that over the last 7 days EEN have held their own(or nearly)and in todays
market thats no mean feat.So i feel a little patience is needed as i feel this share is close to fulfilling it promise.
cyril

this as been posted on ADXFN but no source given

Emerald Energy could announce some highly significant appraisal and development news concerning its 50% owned Khubert East discovery in Block 26 in north-eastern Syria. The discovery was reported last May 12 kms south-west of the Souedieh field, the largest in the country. Subsequently, two appraisal wells have been drilled which have both yielded positive results. At the beginning of January, the operator Gulfsands Petroleum along with Emerald reported the completion of drilling at the Khubert-3 appraisal well. Drilling encountered the same massive formation reservoir as KHE-1 and 2. The reservoir properties are similar or slightly better than the earlier wells. Production tests demonstrated high flow rates averaging 3,420 b/d with 206,000 cubic feet per day of gas through a " choke. The oil quality is pretty good at 26 API.
The information from the three wells is currently being independently assessed by RPS. The findings in terms of reserves and the Khubert East development plan are scheduled to be reported imminently. We believe there is a distinct possibility that the Khubert East field could contain 2P reserves of at least 100m barrels. The field is close to infrastructure and could be on-stream by late 2008. Following a 3D seismic survey, Gulfsands and Emerald are planning at least one exploration well on Khubert East this year.

Outside of Syria, Emerald Energy has some significant production assets and exploration acreage in Colombia. Production in the first half of 2007 averaged 3,661 b/d gross, from five fields in the Llanos and Lower and Upper Magdalena Valley basins. Full year production should be similar on a gross basis and perhaps 2,500 b/d on a net basis. Emeralds exploration activities in Colombia are focused on four blocks awarded over the past 18 months or so by ANH, the Colombian hydrocarbons regulatory body. The blocks located in the Llanos, Caguan and Putumayo basins are estimated by Emerald to contain 40m barrels on an unrisked basis based on the prospects and leads identified. An exploration programme is underway with the objective of exploring the potential in the four blocks. Further development drilling is also under consideration in the Gigante field in the Upper Magdalena Valley following a seismic study in 2007. Gigante is Emeralds largest field in Colombia.

Confirmation of a sizeable Khurbet East oilfield would clearly be a company changing event for Emerald Energy. The stock has maintained a firm trend in recent months but sentiment has not become too exuberant ahead of an announcement regarding Khurbet. At the current price of around 195p/share, the market capitalisation of 115m can largely be justified by the existing asset base and cash flow in Colombia. The stock sells on 8/barrel of 2P reserves and a cash flow multiple of around 4x. The addition of 50m barrels (50% of Khurbet East) of easily exploitable reserves in Syria could comfortably be worth 150m or more than twice the current market capitalisation.

Sounds like a summing up by a knowledgable investor to me, rather than qualified
analysis? Shows the potential for EEN to increase its M/Capital.
cyril

I decided to top up this am, as i believe the news which is due shortly will be
positive and give the SP a deserved boost?
cyril

niceonecyril
good luck with your EEN investment I've been in since 1998.

post DFGO - 25 Jan 2008 08:15 - 22 of 24 came from

http://www.equitygrowth.co.uk/company-results/results.php

You need to register with equitygrowth (its free) for the link to work.

DFGO, Cheers, likewise, will register and see what it has?. Checked EEN out with selftrade, 1 analyist (only) rates it buy with a target of 385p.
cyril

Well rattle me bolts !, an increase towards end of play, I also topped up today, just hoping no problems in Colombia.

Could be a breakout coming, possible jump up to a 240p or a 250p base level (well overdue), (as long as no bad news from Colombia), new drilling news has to be coming from that part of the world soon ...!

RF, hopefully reserve update very soon? Take a look at CDN great RNS this am and
market slow to react.
cyril

Thanks niceonecyril, I will have a look.

With todays news plus new drilling in Columbia coming up : possibly looking at a 3 stock here !

RNS Number:2782N
Emerald Energy PLC
05 February 2008

Emerald Energy Plc

5 February 2008


Khurbet East Field Development, Block 26, Syria


Emerald Energy Plc ("Emerald" or the "Company") would like to provide the
following update on activities in Block 26, Syria.

Field Development :

The Syrian Ministry of Oil and Mineral Resources and the Syrian Petroleum
Company have granted approval for commercial development of the Khurbet East
Field.

Field development is intended to commence immediately and establish early
production from the shallow Cretaceous Massive reservoir ("Massive Reservoir")
as soon as an Early Production Facility ("EPF") can be installed at Khurbet East
field.

An EPF capable of processing some 10,000 barrels per day is expected to
be operational by the fourth quarter of 2008 and to be followed by the Full
Field Development ("FFD") facility installation.

Engineering and construction ofthe EPF is scheduled to commence this quarter. Production through the EPF will provide valuable information about reservoir performance that will be used to optimise the design of the FFD facilities.

The Company's share of costs for the first phase of development, consisting of
the construction and installation of the EPF and the drilling of up to three
wells, is planned to be met from the Company's cash flow.

The FFD costs,including future development wells within the Massive Reservoir,
are anticipated to be met from the cash flows expected to be generated
by early production from the field.

The Khurbet East oil field was discovered in the second quarter of 2007 with the
Khurbet East No.1 well which recovered an oil sample from the Massive Reservoir.

Two appraisal wells have since been drilled and tested, with Khurbet East No.2
flowing 710 barrels of oil per day from a 10 metre section and Khurbet East No.3
flowing 3,420 barrels of oil per day from the full section of the Massive
Reservoir.


Reserves :

An independent estimate of the petroleum reserves of the Khurbet East field has
been completed by RPS Energy Ltd ("RPS") of London. The standard used by RPS in
preparing its estimate was the resource definitions jointly set out by the
Society of Petroleum Engineers (SPE), the World Petroleum Congress (WPC), the
American Association of Petroleum Geologists (AAPG) and the Society of Petroleum
Evaluation Engineers (SPEE) in April 2007 in a document entitled "Petroleum
Resources Management System" (PRMS).

The gross life-of-field Proved plus Probable Reserves of oil contained in the
Massive Reservoir are estimated to be 65.6 million barrels as at 31 December
2007.

The Company's has a 50% working interest in the Contractor group.
Under the terms of the Contract, the net entitlement Proved plus Probable Reserves of oil attributable to the Company, based on the oil futures price
of 4th of January 2008, is 11.3 million barrels after the application of royalties
and other terms of the Contract including the apportionment of Cost Recovery Crude Oil and Production Sharing Crude Oil.

The Company's liability for income taxes in Syria, related to the Khurbet East
field, is paid on behalf of the Company out of revenue from the Syrian Petroleum Company's share of oil produced from the field.


Emeralds' Chief Executive Officer, Angus MacAskill, said:

"We are delighted to receive approval for the commercial development of the
Khurbet East field and also with the results of the independent reserves
evaluation for the Massive formation.

We have been very pleased by the excellent co-operation and support that has been received from both the Syrian Government and Syrian Petroleum Company and we look forward to our future partnership in the joint operating company."

Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNG
Overseas Ltd.



Enquiries: Lisa Hibberd 020 7925 2440

Notes :

1. Reserves are those quantities of petroleum anticipated to be commercially
recoverable by application of development projects to known accumulations from a
given date forward under defined conditions.

2. Proved Reserves are those quantities of petroleum, which, by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to
be commercially recoverable, from a given date forward, from known reservoirs
and under defined economic conditions, operating methods, and government
regulations.

3. Probable Reserves are those additional Reserves which analysis of
geoscience and engineering data indicate are less likely to be recovered than
Proved Reserves. It is equally likely that actual remaining quantities recovered
will be greater than or less than the sum of the estimated Proved plus Probable
Reserves (2P).
In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate.

4. Full reserve category definitions and guidelines are documented in the
PRMS on the SPE website at
http://www.spe.org/spe-app/spe/industry/reserves/prms.htm

Am i reading it wrong or are they suggesting the field only has a probable life of 2 years...?

The reserves are from the Massive Reservoir only, and at 10,000bopd against the
reserves of 65mbo gives by my working its 21 years for 300days a year production?
After tax'es its worth 11.3mbo or about 29%, if used as a rule of thumb against
output of 10,000bopd thats 2,900bopd worth say $80,so would be worth around
35m to EEN for 300 days production. And these reserves will grow,add to it
their Colombian output(reserves) and you have very impressive revenue,so i'm
surprised at the small mark up this am and feel these are a very good investment.
I can see the SP rising over the coming year to well above 3? It just has to be
given serious consideration for anyones portfolio.
aimo
cyril

Gulfsands Petroleum Emeralds partener in Block 26 Syria RNS



Khurbet East Development Approval
Date : 05/02/2008 @ 07:03
Source : UK Regulatory (RNS and others)
Stock : Gulfsands Petroleum Plc (GPX)



Khurbet East Development Approval


Khurbet East Development Approval
Gulfsands Petroleum plc
Gulfsands to develop Khurbet East Oil Discovery
Khurbet East Field
Reserves estimate completed for the Massive ReservoirLondon, 5th
February, 2008: Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" - AIM: GPX), the oil and gas production, exploration and development company with activities in the U.S.A., Syria and Iraq is pleased to
announce that the Company has received approval from the Syrian Ministry of
Oil and Mineral Resources and the Syrian Petroleum Company ("SPC") for
commercial development of the Khurbet East Field.Development of the Cretaceous Massive Reservoir ("Massive Reservoir") within the Field will commence immediately.

The Khurbet East Oil Field is within Block 26 in North East Syria. Gulfsands is
the operator, on behalf of the Block 26 Contractor group ("Contractor"), and owns a 50% working interest in Block 26 subject to the terms of the Contract
for the Exploration and Development and Production of Petroleum for Block 26
(the "Contract"). A map and details of the Khurbet East Oil Field are available on the Company's website: www.gulfsands.net.

The Company has also received the first Reserves report for the Massive Reservoir in the Khurbet East Field which estimates gross life-of-field Proved and Probable ("2P") Reserves of the Massive Reservoir as 66 million barrels of oil and gross life-of-field Proved, Probable and Possible ("3P") Reserves as 143 million barrels of oil.Gulfsands' share of net attributable reserves is explained below in the section of this announcement headed "Khurbet East Reserves".

Reserves estimates for the Butmah Formation and the Kurrachine Dolomite reservoirs discovered in the KHE-1 well will be made once further drilling and appraisal work has been completed.

The Reserves report was prepared by independent consultants, RPS Energy Ltd. ("RPS") of London.The standard used by RPS in preparing its Reserves report was the SPE/WPC/AAPG/SPEE Petroleum Resources Management System (SPE-PRMS).
The Khurbet East Oil Field was discovered in the second quarter of 2007 with the KHE-1 well. Two appraisal wells, KHE-2 and KHE-3 havesince been drilled in the Field.

The KHE-3 well flowed oil to surface on drill-stem test at an average stabilized rate of 3,420 barrels of oil per day ("bopd").

Initial Development PlanGulfsands and its partners intend to commence Field development immediately and establish early production from the shallow Massive Reservoir as soon as an Early Production Facility ("EPF") can be installed at the site, and prior to any further appraisal of the Triassic discoveries within the Khurbet East Field.

The Company expects that an EPF capable of producing some 10,000 bopd can be operational by the fourth quarter of 2008 and will be followed by the Full Field Development ("FFD") facility installation in 2009.

Production through the EPF will provide valuable information about reservoir performance that will be integrated into the design of the FFD facilities as well as generate cash flow. Engineering and construction of the EPF is scheduled to commence this quarter with drilling of the first development well expected to commence shortly.

Initial modeling of the Massive Reservoir shows that horizontal wells should provide the most efficient production method in the Field.

Utilizing horizontal wells, the Company expects that the FFD facility will be designed to produce some 30,000-40,000 bopd.

As a consequence of the substantial SPC infrastructure already available in close proximity to the Khurbet East Field and the excellent working relationship the Company enjoys with SPC which has extended to invaluable assistance with the development of the EPF, the estimated costs for the EPF, which includes the drilling of three wells and construction of facilities, are not expected to exceed $10 million,or a net $5 million to Gulfsands.

The Company further anticipates that the FFD costs, including all future development wells within the Massive Reservoir, can be met from the substantial cash flows expected to be generated by early production from the Field.
Khurbet East Reserves

Gulfsands commissioned RPS in London to provide an independent Proved, Probable and Possible Reserves report of the Massive Reservoir in the Khurbet East Field as of 31 December 2007. RPS estimated gross life-of-field 2P Reserves of the Massive Reservoir as 66 million barrels of oil with gross life-of-field 3P Reserves totaling 143 million barrels of oil (see note 1 below).

These Reserves are subject to the terms of the Contract in which Gulfsands owns a 50% working interest.

The net barrels recoverable and attributable to the Contractor and to Gulfsands (as to its 50% share) have been calculated by reference to the terms of the Contract which call for a royalty to be paid to the Government of the Syrian Arab Republic and an after tax profit share of the oil produced, to be provided to Gulfsands.

The Contractor is also entitled to recover its costs through a cost recovery pooling of revenues from production.

The fiscal terms of the Contract are referred to in the Company's corporate
presentation which is available on the Company's website.

The Contractor's net attributable (after royalties, taxes and government share) 2P Reserves are estimated at 22.5 million barrels of oil.

The Contractor's 3P Reserves have been estimated as 44.8 million barrels of oil.
Therefore, Gulfsands net attributable (after royalties, taxes and government share) 2P Reserves have been estimated as 11.3 million barrels of oil and net attributable (after royalties, taxes and government share) 3P Reserves have been estimated as 22.4 million barrels of oil.

The RPS Reserves report related only to the Reserves estimates for the Massive Reservoir and a full Reserve report will be carried out on both the Triassic Butmah and Triassic Kurrachine Dolomite Formations upon appraisal of these formations which is expected to commence in the second half of 2008 following first production from the Massive Reservoir.

Until the appraisal of the Triassic reservoirs is completed and a development plan prepared, these formations have been classified as containing Contingent Resources.Additionally, the Reserves estimate for the Massive Reservoir will be updated annually or more frequently if appropriate.

Gulfsands' CEO, John Dorrier, said:"We are very pleased to have received rapid approval for commercial development of the Khurbet East Field from the Syrian Government.

With the active cooperation and support of the Oil Ministry and SPC, the
Company and its partners will proceed immediately with development activities and seek to achieve early production from the Field by the fourth quarter of
2008.

We are also very pleased to confirm a substantial reserves estimate for the
Khurbet East Field at this early stage of Field appraisal following the
excellent results obtained in the first three wells in the Field."Notes:(1) RPS based its estimate of reserves on the resource definitions jointly set out by the Society of Petroleum Engineers (SPE), the World Petroleum Congress (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE) in April 2007 in a document entitled "Petroleum Resources Management System" (PRMS).

Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions.

Proved Reserves are those quantities of petroleum, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under current economic conditions, operating methods, and government regulations.

Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves.

Possible Reserves are those additional Reserves which analysis of geoscience and engineering indicate are less likely to be recoverable than Probable Reserves.

This release has been approved by Jason Oden, Gulfsands Exploration Manager, who has a Bachelor of Science degree in Geophysics with 23 years of experience in petroleum exploration and management and is registered as a Professional Geophysicist.

This release has also been approved by Rick Bresler, Gulfsands Vice President of Project Engineering, who has a Bachelor of Science degree in Chemical Engineering with 29 years of experience in petroleum facilities design and construction.

Mr.Oden and Mr. Bresler have consented to the inclusion of the technical
information in this release in the form and context in which it appears.

ABOUT GULFSANDS:Syria Gulfsands owns a 50% working interest and is operator of Block 26 in North East Syria. Block 26 covers approximately 8,250 square
kilometres and encompasses existing fields which currently produce over 100,000
barrels of oil per day.

These fields are operated mainly by the Syria Petroleum Company.

In the first half of 2007 Gulfsands announced an oil and gas discovery on Block 26 called Khurbet East.

This discovery is currently under appraisal with development to commence in 2008 with first production targeted for the fourth quarter of 2008.

On 23 August 2007, the Company initiated the first extension period of exploration on Block 26 for a further period of three years.The Company has also formed a strategic partnership with Cham Holding for acquiring oil and gas projects in Syria and Iraq.

Butmah and Kurrachine reserviors reserves to be added after more appraisal,just
gets better and this is only one area of Block 26?
cyril

yes, sorry was doing calcs in my head, 20 years, not 2, ah the ole decimal point...!!

Emerald Energy to begin commercial development of Khurbet East Field, Syria




LONDON (Thomson Financial) - Emerald Energy PLC said it intends to start
commercial development of the Khurbet East Field in Block 26, Syria.
An early production facility capable of processing some 10,000 barrels per
day is expected to be operational by the fourth quarter of 2008 and to be
followed by the full field development facility installation.
Emerald holds a 50 pct interest in Block 26 through its fully owned
subsidiary SNG Overseas Ltd.

Big Ted;
Correction myself 10,000bopd should be halved so the 35m becomes 17.5m.
cyril

Yes Guys !, this should be heading during the spring up to the 3 mark !

slide 18

Based on US$75/barrel realised oil price and gross daily production ≤25,000 bbls/day

The Block 26 Contractor Group (Gulfsands 50% and Emerald 50%) is entitled to recovery of all SPC approved exploration, development and operating costs

Exploration and operating costs are fully recoverable within acalendar year

Development capital cost recovery is capped at 25% per year (i.e. 100% of capital costs recovered after 4 years)

For example, based on a US$75/barrel realised oil price, the Contractor Group will receive in ~US$44/barrel of revenue per barrel of produced oil while costs are being recovered

After costs have been recovered, Contractor Group revenue is ~$23/barrel of produced oil


http://www.gulfsands.net/i/pdf/20071024_CorpPresentation.pdf

DFGO, what is your estimate of recoverable costs that they can reclaim?
tia
cyril

DFGO, at the figures from your previous post, i see my calcs of 17.5m are quite
close,from the $23/barrel(assuming thats after tax)?
5000*23/2=57,000*300= 17.25m
5000*44/2= 110,000 a day (until costs recovered)
cyril

"Oil explorer Emerald Energy is wanted today after receiving permission from the Syrian authorities to develop the Khurbet East Field in Block 26. Emerald owns a 50% stake in Block 26 through its subsidiary, SNG Overseas.

Work on developing the field will start immediately with a view to establishing early production from the shallow Cretaceous Massive reservoir. The company is aiming to have an Early Production Facility capable of processing 10,000 barrels per day up and running by the end of 2008.

The companys share of the cost of setting up the first phase of development will be met from Emeralds existing cash flow.

The gross life-of-field Proved plus Probable Reserves of oil contained in the Massive Reservoir were estimated to be 65.6m barrels as at 31 December 2007."

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=1899448

niceonecyril

It is also important to consider the fact that the net estimated 2P reserve of
11.5mmboe attributed to Emerald are HIGHLY VALUABLE PROFIT BARRELS sold by
Emerald without any further goverment deductions such as tax

copied from advfn


New Evolution Broker Note on EEN :

http://www.mediafire.com/?ejljnz0z02i

enjoy !!

As long as the markets treat us favourably, (never know what the general trend is going to be !), a little bit of good spudding news (new well being drilled), coupled with stable 4000 barrels per day in Columbia, there could be a steady upwards trend, up to a (I'm guessing) 2.5 base, with a further probable climb up to the 3 area later in the year, here's hoping, by the way thanks for all the info DFGO, Niceonecyril, cheers !.

Euhhh.. Guys check out MRS... , possibly somethings up... not sure what ?

Oilbarrel 06.02.2008
Gulfsands Petroleum Targets First Production From Syria By Q4 2007

Shares in Gulfsands Petroleum enjoyed a healthy bounce on Tuesday as the company announced it was all systems go in Syria where the authorities appear to have matched the AIM firm in efficiency and speed. It was only last month that Gulfsands completed the second appraisal well on the Khurbet East field in Block 26 in the northeast of the country; this week the Syrian Ministry of Oil & Mineral Resources and state oil company SPC gave their approval to the development of the field.

This is good news for Gulfsands and its 50/50 partner Emerald Energy. It vindicates their decision to enter the Middle East country (Gulfsands signed up in 2003 and was joined by Emerald in 2005), to stick with exploration despite a couple of disappointing wells and to seek further investment opportunities in the country. KHE-1, drilled in the second quarter of 2007, was a multi-zone discovery flowing 35-degree API oil from the Triassic-aged Kurrachine Dolomites, natural gas from the Triassic-aged Butmah reservoir and 24-degree API oil from the shallower Cretaceous-aged Massive Formation. A follow-up well, KHE-2, confirmed the presence of a high quality reservoir in the Massive capable of high production rates, while the recently drilled KHE-3 confirmed that capability, testing at 3,420 bpd of 26-degree API oil from the Massive Formation.

The initial development of the field will target only the Massive reservoir, which is reckoned to hold gross 2P reserves of 66 million barrels of oil and 3P reserves of 143 million barrels of oil. CEO John Dorrier said he was very pleased to confirm this substantial reserves estimate for the field. There is additional potential in the Butmah Formation and the Kurrachine Dolomite reservoirs encountered in the original discovery well of 2007 but these will be appraised in the second half of 2008.

The partners are pursuing the Massive formation before getting to grips with the deeper zones because this will be the easiest, cheapest and fastest way to commercialise the discovery. The Massive formation is well understood in the area and this crude quality can be easily transported in the existing nearby infrastructure. The Massive is also relatively shallow so drilling costs can be kept down and the relatively low gas-to-oil ratio means there is no need for gas handling or transportation. Whats more, the construction of production facilities for the Massive should reduce costs when Gulfsands comes to exploit Khurbet Easts deeper reservoirs.

Gulfsands now plans to fast-track the development by using three horizontal wells and an early production system (EPS). It hopes to get a 10,000-bpd-capacity EPS up and running by the fourth quarter of this year, less than two years after discovery, with a full field development facility in place the following year with a production capacity of 30-40,000 bpd. The benefit of the EPS is that it will provide valuable information about reservoir performance to help design the full field facilities as well as generating cash flows to pay for the full field development. The estimated cost of the EPS, including the three wells, is US$10 million (US$5 million net to Gulfsands). Project economics are helped by location: Khurbet East lies within 12 km of the Souedieh and Rumeilan oilfields and the oil export pipeline runs directly through the field. Whats more, Gulfsands has the right to access the surface facilities and pipelines at an agreed tariff of 75 cents a barrel.

Gulfsands and Emerald are entitled to recover all their costs within four years, with development capital cost recovery coming from a 50 per cent share of the post-royalty oil production (the royalty is a fairly typical 12.5 per cent). Following cost recovery, Gulfsands and Emerald will have 50 per cent of the profit oil share. This means, based on an oil price of US$75 a barrel, the London-listed firms will receive US$44 per barrel of produced oil while costs are being recovered and thereafter around US$23 per barrel of produced oil.

The good news here is that the two companies appear to have plenty of other prospects to target in the vicinity of Khurbet East not to mention those deeper Triassic reservoirs to extract maximum value from any capital investments in processing infrastructure. The company has identified a Khurvet East play fairway, which it intends to chase down through exploration drilling over this year and next year. Given the readiness of the Syrian authorities to work quickly with its Western partners to greenlight new developments and provide access to infrastructure, this could be a start of a beautiful relationship.

Tiddler to watch

Gulf Sands Petroleum rose 10p to 175p after it and Emerald Energy, up 7p at 218p, declared 66 million barrels of proved and probable oil reserves at their jointly owned Syrian field, with production by the end of the year. Seymour Pierce has a 246p target on Gulf Sands, while Evolution raised its Emerald target to 420p.

http://business.timesonline.co.uk/tol/business/markets/article3316058.ece

Gulfsands given go-ahead over Syrian oilfield
By Toby Shelley

Published: February 5 2008 19:25 | Last updated: February 5 2008 19:25

Gulfsands Petroleum expects to push ahead with production in Syria by the end of the year following approval from the Damascus government of development of the countrys Khurbet East oil field.

The go-ahead from the Syrian government on Tuesday helped boost shares in Gulfsands and Emerald Energy, its partner in the development consortium. Gulfsands share price rose 10p to 175p on Tuesday while shares in Emerald closed up 7p at 218p.

An initial production facility will pump about 10,000 barrels a day of crude, half of it attributable to the Aim-listed company. Cash flow from early production will help finance Gulfsands share of full development of the field in 2009 as production builds to 40,000 b/d.

Khurbet East, which is estimated to have proven and probable reserves of 66m barrels, of which 11.3m barrels is attributable to each of Gulfsands and Emerald after royalties, taxes and the Syrian governments share are taken into account.

Further small discoveries have been made in the vicinity and they will be appraised in the second half of the year. Analysts at Seymour Pierce said these were likely to boost the reserves to 80m barrels with further upside possible from nearby prospects.

The cost to Gulfsands and Emerald of the early production system will be a modest $10m (5.1m) as the development will have access to the pipeline infrastructure of the state-owned Syrian Petroleum Company.

Damascus launched a block tender system for foreign oil companies in 2001 as a means of combating the countrys falling output. From a peak of 590,000 b/d in 1996, output fell to about 400,000 b/d in 2006, threatening the country with becoming an oil importer.

In 2003 Gulfsands became one of the first companies to win a share in a concession. In 2005, the year it listed on Aim, Gulfsands bought out its larger partner, Devon, and took over operational responsibility for the block.

Gulfsands current production is running at about 2,500 b/d, generated from US assets. It also has a memorandum of understanding with the Iraqi government to capture and market gas that is currently flared during oil production in part of southern Iraq. Emerald, meanwhile, currently produces about 3,600 b/d in Colombia.

http://www.ft.com/cms/s/0/2a4372c2-d41e-11dc-a8c6-0000779fd2ac.html

http://www.investorschronicle.co.uk/Companies/ByEvent/Regulatory/Inbrief/article/20080206/7e37567c-d4a6-11dc-aed6-0015171400aa/Gulfsands-and-Emerald-get-Syria-goahead.jsp

Gulfsands and Emerald get Syria go-ahead

Created: 6 February 2008 Written by: Martin Li

Gulfsands and Emerald Energy have received approval for the commercial development of the Khurbet East Field in north-east Syria, in which each holds a 50 per cent share.

Gross life-of-field proved and probable reserves have been independently estimated at 66m barrels. First oil is expected in late 2008, at a rate of 10,000 barrels of oil per day (bopd), with full field development expected in 2009, at a rate of 30,000-40,000 bopd.

TIP UPDATE

BUY
Khurbet East reinforces both Gulfsands and Emerald, at 164p and 215p respectively, as buys.

Khurbet East field development begins in Syria

Offshore staff

LONDON -- The Syrian Ministry of Oil and Mineral Resources and the Syrian Petroleum Co. have approved commercial development of the Khurbet East field, according to Emerald Energy Plc.

Field development is intended to commence immediately and establish early production from the shallow Cretaceous Massive reservoir as soon as an early production facility (EPF) can be installed. An EPF capable of processing 10,000 b/d of oil is expected to be operational by the 4Q 2008.

Engineering and construction of the EPF is scheduled to commence this quarter. The first phase of development will consist of the construction and installation of the EPF and the drilling of up to three wells, Emerald says.

Khurbet East discovered in 2Q 2007 with the Khurbet East No.1 well. Two appraisal wells have been drilled and tested since, with Khurbet East No.2 flowing 710 b/d of oil from a 10-m (33-ft) section and Khurbet East No.3 flowing 3,420 b/d of oil from the full section of the Massive reservoir.

Emerald holds a 50% interest in block 26 through its subsidiary SNG Overseas Ltd.

02/06/2008


http://www.pennenergy.com/display_article/319376/9/PRARC/none/DRLCM/1/Khurbet-East-field-development-begins-in-Syria/

copied from advfn


captainfatcat - 7 Feb'08 - 09:58 - 30576 of 30589


Just totting up the costs of the KE discovery so far

%50 Syria Block 26 circa $17M

Initial period minimum expenditure $15M

1st Extension period $10M

Eearly Production Facility $5m

Total $47M round up it up to $50M

Initial Results $1.32 per barrel of P2 which is broadly in line with the figures set out in the November 2005 acquisition for growth presentation.

EEN are turning a $50M investment into a (pick a figure add on lower reservoirs) say $500M asset

Not bad work in less than 3 years and still has some 30+ other targets on the books in block 26 still to explore with the drill bit!

And all the $500mil is profit

DFGO;
Thanks for your posts, most informative. I'm very surprised even in todays market, and cannot believe that we are still at roughly the same M/Cap prior to confirmation of reserves. On the annoucement of Block 26 EEN reached 360p and
now its proven up and oil at all time highs we're still only 218p, beggers belief imo.
cyril

niceonecyril

I,m sure the market will wake up to the fact that Emerald is under valued in due course,and in meantime EEN investers can buy at a very favourable price

Bought some more today, if the Colombia news is half as good as the Syrian then we should see the sp above 250p; really starting to look seriously undervalued now !

Update - Block 26, Syria




RNS Number:8593N
Emerald Energy PLC
13 February 2008


Emerald Energy Plc
13 February 2008

Khurbet East Field Update, Block 26, Syria

Emerald Energy Plc ("Emerald" or the "Company") would like to provide the
following update on activities in Block 26, Syria.


Khurbet East No.4 Well:
Drilling of the Khurbet East No.4 well in the Khurbet East field has commenced.
It is the first well to be drilled in the development phase of the field
following the recent approval of commercial development of the field.

Khurbet East No.4 is expected to have a total drilling depth of approximately
1,950 metres and take approximately 30 days to drill and evaluate. It is planned
as a production well close to the crest of the structure in the Cretaceous
Massive reservoir, located approximately 150 metres away from the Khurbet East
No.1 well. The Khurbet East No.1 well, drilled to a total depth of 3,800 metres,
may be used to further appraise the deeper Triassic Kurrachine Dolomite and
Butmah reservoirs and is therefore not currently included in the development
plan for the shallower Massive reservoir.


Development Area Approval:
Following the granting of approval for the commercial development for the
Khurbet East field, announced on 5th February 2008, the Syrian Ministry of
Petroleum and Mineral Resources has granted the application for a Development
Area of approximately 100 square kilometres covering the Khurbet East field. The
Development Area will be operated, under the terms of the Contract for the
Exploration and Development and Production for Block 26, by a joint operating
company to be set up with the Syrian Petroleum Company.


3D Seismic:
The 240 km2 3D seismic acquisition programme to the south of the Khurbet East
field, has been completed and is being processed with interpretation to follow.
This data was acquired over an area where several leads had been identified and
will be used to progress the exploration programme for Block 26.


Emeralds' Chief Executive Officer, Angus MacAskill, said:
"The spudding of this production well and the granting of the Development Area
within only 2 weeks of receiving approval for the commercial development of the
field marks continued progress towards first production from the field, targeted
to take place later this year. The Khurbet East No.4 well will build the initial
production capability of the field from the Massive reservoir, adding to that of
the Khurbet East No.2 and Khurbet East No.3 wells."


Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNG
Overseas Ltd.

Enquiries: Lisa Hibberd 020 7925 2440

Emerald parteners in Syria Gulfsands RNS

GPX give more information than Emerald

Development drilling commences at Khurbet East Field

Development Area for Khurbet East Field approved

Exploration 3D seismic programme completed

London, 13th February 2008: Gulfsands Petroleum plc ("Gulfsands",
the "Group" or the "Company" - AIM: GPX), the oil and gas production,
exploration and development company with activities in Syria, Iraq,
and the U.S.A., is pleased to announce that the Company has commenced
the drilling of its first development well within the Khurbet East
Field ("KHE-4") following the recent approval by the Syrian
Government for the development of the Khurbet East Field. The Company
is also now able to confirm that a 100 km2 area of Block 26 has now
been converted to the Development Area of Khurbet East Field
("Development Area").

Additionally, the Company has successfully completed the 240 km
"exploration" 3D seismic acquisition programme located to the south
of Khurbet East, and has commenced seismic processing and
interpretation of the data acquired in the recently completed Khurbet
East 3D seismic survey.

KHE-4 Well

The KHE-4 well is a development well within the Cretaceous Massive
Reservoir near the KHE-1 location. Following the two successful
appraisal wells (KHE-2 and KHE-3), the KHE-4 well is the first well
on the Khurbet East Field that is planned and designed as a
development well. The KHE-4 well is located within 150 metres of the
KHE-1 discovery well surface location, near the currently mapped
crest of the structure. The Company plans to use the KHE-1 well for
oil and gas production from the deeper Kurrachine Dolomite and Butmah
Formations, with the KHE-4 well concentrating on production from the
Cretaceous Massive Formation.

The total drilling depth of the KHE-4 well is expected to be
approximately 1,950 metres and will require approximately 30 days to
drill and evaluate, at a gross cost including rig mobilization and
demobilization costs of approximately $1.8 million, or $900,000 net
to Gulfsands.

Development Area Approval

Following the recent receipt of approval for the commercial
development of the Khurbet East Field (see announcement of 5 February
2008), the Syrian Ministry of Petroleum and Mineral Resources has
granted approval of the Company's application for establishment of
the Development Area. The 100 km2 Development Area will be operated
in partnership with the Syrian Petroleum Company ("SPC") through a
joint operating company.

3D Seismic

As announced on 7 January 2008 the Company has completed a 150 km2 3D
seismic acquisition programme over the Khurbet East Field. The
Company has now commenced seismic processing and interpretation of
this newly acquired 3D seismic, which will be used in assisting in
the selection of additional development well locations in the Khurbet
East Field during 2008 and 2009, as well as identifying any
"near-field' exploration locations adjacent to the Field.

The Company has also completed the acquisition of a 240 km
exploration 3D seismic programme located to the south of Khurbet
East. These data are expected to assist in maturing exploration
leads within the greater Khurbet East area into prospects suitable
for drilling. Seismic processing has commenced with interpretation to
begin upon delivery of the final data.

Gulfsands' CEO, John Dorrier, said:

"The commencement of the development drilling programme at Khurbet
East is a further significant milestone for the Company as we swiftly
move toward first oil production from the Field.

We also expect the 3D seismic survey south of Khurbet East to yield
high-quality exploration drilling prospects, and we anticipate that
one or more of these prospects should be drill-ready during 2008."


This release has been approved by Jason Oden, Gulfsands Exploration
Manager, who has a Bachelor of Science degree in Geophysics with 23
years of experience in petroleum exploration and management and is
registered as a Professional Geophysicist. Mr. Oden has consented to
the inclusion of the technical information in this release in the
form and context in which it appears

From Gulfsands RNS

The Company plans to use the KHE-1 well for oil and gas production from the deeper Kurrachine Dolomite and Butmah Formations, with the KHE-4 well concentrating on production from the Cretaceous Massive Formation.

from Gulfsands RNS

is pleased to announce that the Company has commenced the drilling
of its first development well within the Khurbet EastField ("KHE-4")
following the recent approval by the SyrianGovernment for the
development of the Khurbet East Field.
The Company is also now able to confirm that a 100 km2 area of
Block 26 has now been converted to the Development Area of
Khurbet East Field ("Development Area").

Additionally, the Company has successfully completed the 240 km
"exploration" 3D seismic acquisition programme located to the south
of Khurbet East, and has commenced seismic processing and
interpretation of the data acquired in the recently completed Khurbet
East 3D seismic survey.

Good morning DFGO, more great news from EEN and its jv partner GPX. So just
30 days to drill and evaluate,hopefully this will wake the market up to the potential
of EEN?
cyril

Anyone reading this post should check out the value of EEN,with 32.5mbo P2
reserves from the Syrian field added to the Colombian assets(not sure of the reserve figure) which produce 3500bopd and all for a M/Cap of 127m. Well
undervalued is my take on the company and the SP has not risen as yet,so a
great buying opportunity.
aimo
cyril

niceonecyril

good mornning to you cyril and very good news from EEN

Emerald Energy spuds Khurbet East No 4 well in Syria's Block 26
AFX


LONDON (Thomson Financial) - Emerald Energy PLC said it has started drilling the Khurbet East No 4 well in Block 26, Syria, which is expected to have a total drilling depth of about 1,950 metres and take about 30 days to drill and evaluate.

The company said the well will build the initial production capability of the East Khurbet field, adding to that of No 2 and No 3 wells.

Chief executive Angus MacAskill said the company, which holds a 50 pct stake in Block 26, is aiming for first production at the field later this year.

Gulfsands Petroleum begins drilling of development well in Khurbet East Field




LONDON (Thomson Financial) - Gulfsands Petroleum PLC said it has started
drilling of its first development well within the Khurbet East Field (KHE-4)
following the recent approval by the Syrian Government for the development of
the Khurbet East Field.
The company said it is also now able to confirm that a 100 square kilometer
area of Block 26 has now been converted to the development area of Khurbet East
Field.
It expects the 3D seismic survey south of Khurbet East to yield high-quality
exploration drilling prospects, and also expects one or more of these prospects
to be drill-ready in 2008.
Additionally, Gulfsands Petroleum said it has successfully completed the 240
square kilometer exploration 3D seismic acquisition programme located in the
south of Khurbet East, and has started seismic processing and interpretation of
the data acquired in the recently completed Khurbet East 3D seismic survey

A slightly disappointing update from Colombia due to reduced output, although
a clearer picture for the coming year.
http://www.investegate.co.uk/Article.aspx?id=200802140701359683N
cyril

RNS Number:9683N
Emerald Energy PLC
14 February 2008


Emerald Energy Plc


14 February 2008


Colombia: Operations Review and Update


Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide the
following update on its Colombian operations for the period ending 31 December
2007 and its plans for 2008:


Operations Review

Daily gross production for the second half of 2007 averaged 3,255 bopd, from
fields in Colombia, compared to 3,661 bopd achieved in the first half of 2007.
During the full year 2007, daily gross production averaged 3,456 bopd compared
to 3,673 bopd in 2006.

Production in the second half of 2007 was reduced due to the electrical
submersible pump ("ESP") in the Gigante No.1A well needing replacement on two
occasions. The well, normally averaging 950 bopd, did not contribute to
production for a period of 7 weeks while a workover rig was mobilised and
operations conducted. The ESP required replacement again in February 2008;
during this operation the new ESP was sourced from a different supplier and the
well has been returned to production.

Following the successful re-entry of the Totumal No.4 well in the Fortuna
Association Contract, the Totumal No.1 well was re-entered in November 2007, a
mechanical pump installed, and production commenced at an initial rate of
approximately 40 barrels of oil per day. This is the second well to be
re-activated in the Totumal field and the information gained from production
from these wells will assist in evaluating the future production potential of
both the Totumal and Aureliano fields.

In December 2007, Ecopetrol elected not to exercise its 20% back-in right in the
Silfide field in the Fortuna Association Contract and Emerald has the right to
exploit the field under sole-risk field status. The Company is currently in
discussions with potential partners for further operations on the field.

The Company acquired 71 kilometres of 2D seismic data in the Maranta block and
55 kilometres of 2D seismic data in the Jacaranda block. Interpretation of the
new seismic data supports the planned drilling activity in 2008

In the Ombu block, Emerald agreed with the National Hydrocarbon Agency of
Colombia ("ANH") to substitute the drilling of an exploration well for the
existing 2D seismic obligation and to extend the current period of the contract
by 6 months to provide sufficient time for this well to be drilled.

52 kilometres of 2D seismic data were acquired In the Helen block. A small,
sub-commercial, single prospect was identified from the interpretation of the
new seismic data, and Emerald has subsequently relinquished the acreage.


2008 Forward Plans

The Company plans a capital budget of up to $46 million in Colombia in 2008
which includes the drilling of three exploration wells.

The first of these will be drilled on the Capella prospect in the Ombu block
which Emerald estimates may contain over 30 million barrels of unrisked
recoverable resources. The well is planned to be drilled in first half of 2008,
followed by a period of testing of up to six months to evaluate various
production methods, including steam injection for thermal recovery.

Further exploration wells are expected in the second half of 2008 in the Maranta
and Jacaranda licences on prospects that the Company estimates may contain
unrisked recoverable resources in the range of 5 to 15 million barrels for
Maranta and over 10 million barrels for Jacaranda.

Two development wells are planned in the Campo Rico and Vigia fields. Ecopetrol
will participate at their 50% working interest level in the Campo Rico No.5
well. The Vigia No.5 well will be drilled by Emerald at its sole risk as
Ecopetrol elected in July 2007 not to exercise its 50% back-in right to the
Vigia field. The Campo Rico and Vigia wells are planned to commence drilling in
the second quarter of 2008.

Emerald has completed its technical and economic studies for the proposed
Gigante No.2 well to develop the existing reserves in the producing Tetuan
formation and test the exploration potential of the underlying Caballos
formation. The Company estimates that the proposed well may recover, in the
mid-case, approximately 4 million barrels of oil from the Tetuan formation. The
prospective resources of the Caballos formation are in the range of 10 to 20
million barrels. The Company is currently in discussions with potential partners
to share the cost of drilling Gigante No.2 well which is anticipated to spud in
late 2008 or early 2009.

The work programme for 2008, conditional on prior exploration drilling results
and governmental approvals, includes the acquisition of seismic data and the
drilling of two further exploration and/or appraisal wells.


General

The Company expects that under its own forecasts of world oil price levels and
production volumes from existing fields in Colombia, all of its planned
operations during 2008, including a share of up to 50% of the Gigante No.2
drilling costs, will be funded from existing financial resources and cash flow
from operations without recourse to the capital markets.


Angus MacAskill, Emerald's Chief Executive Officer, said:

"Having secured new exploration assets for our Colombian portfolio during 2007
under the favourable ANH contracting terms, we have now acquired and interpreted
the data to move forward with a very active drilling programme in Colombia with
the potential to materially enhance the resource base of the Company."


Company web site may be found at www.emeraldenergy.com

Enquiries: Lisa Hibberd 020 7925 2440



Notes :


Ombu block

Emerald has a 100% working interest in this block, located in the Caguan Basin.
A previous exploration well was drilled on the Capella prospect in 1975,
encountering and recovering a total of 213 barrels of oil in the range 11 to 14
API from a number of horizons over a 110 feet section.


Maranta block

Emerald has a 100% working interest in this block, located in the Putumayo
basin. The block is adjacent to blocks in which Gran Tierra Inc. and Solana
Resources Limited announced two discoveries in 2007. A number of material
prospects and leads were identified on the existing seismic and new 2D seismic
data was acquired to mature these to a drill-ready status. The initial phase of
the exploration period under the Maranta contract expires in March 2008 when
Emerald has the right to enter the second phase of one year duration with a
minimum work programme including one well.


Jacaranda block

Emerald has 100% working interest in the block, located in the Llanos basin. A
single lead had been identified using the existing 2D seismic; the additional 2D
seismic has been positioned to confirm the presence and size of the prospect.
The initial phase of the exploration period expires in March 2008 when Emerald
has the right to enter the second phase of one year duration with a minimum work
programme including one well.


Helen block

Emerald's costs during the initial phase of the exploration period, which
expired in January 2008, were carried by Vetra Energy Group LLC ("Vetra").

Emerald Energy says Colombia FY output falls UPDATE




(Adds 2008 drilling plans)
LONDON (Thomson Financial) - Emerald Energy PLC reported reduced production
from its oil fields in Colombia following equipment repairs.
Gross output fell to 3,456 barrels per day in 2007 from 3,673 barrels in the
previous year, with volumes in the second half declining to 3,255 barrels per
day from 3,661 barrels in the first half.
"Production in the second half of 2007 was reduced due to the electrical
submersible pump (ESP) in the Gigante-1A well needing replacement on two
occasions," Emerald said in a trading statement.
The well, which normally pumps around 950 barrels a day, did not contribute
to production for seven weeks. The ESP required replacement again in February,
it said, adding the well has now resumed production.
The Totumal-1 well, meanwhile, started production at an initial rate of
around 40 barrels a day, it said.
Emerald said capital spending in Colombia this year will reach 46 mln usd,
part of which will finance the drilling of three exploration wells.
Planned spending for the year, including its 50 pct share of the Gigante-2
drilling costs, will come from the company's own financial resources and cash,
it said.
In the first half of 2008, the group plans to drill the Capella prospect in
the Ombu block which it believes contains over 30 mln barrels of recoverable
resources.
In the second half, it hopes to spud more wells in the Maranta and Jacaranda
fields which it thinks hold recoverable resources of 5-15 mln barrels and 10 mln
barrels, respectively.
Emerald added it is looking for potential partners for the Gigante-2
project. Drilling of the hole will begin either late-2008 or early 2009.
Gigante-2 is targeting two reservoirs -- Tetuan and Caballos. Emerald
believes it could recover 4 mln barrels from Tetuan, while noting that
prospective resources at Caballos are around 10-20 mln barrels.
At 8.09 am, Emerald Energy shares were off 1.4 pct at 209-1/2 pence

niceonecyril
good mornning


can you put the following PDF links 2007/2008 in the header please only the last one available from website now

they give a lot of information about Emeralds 50% interest in Block 26 Syria and well worth looking at


http://www.gulfsands.net/i/pdf/Presentation-20070518.pdf

http://www.gulfsands.net/i/pdf/20070530-KHE-website_ppt.pdf

http://www.gulfsands.net/i/pdf/2007-09-11_Presentation.pdf

http://www.gulfsands.net/i/pdf/20071023_Khurbet_East_Presentation.pdf

http://www.gulfsands.net/i/pdf/20071024_CorpPresentation.pdf

http://www.gulfsands.net/i/pdf/CorpPres-Feb08.pdf

niceonecyril
good mornning.
thank you putting presentation in header.
the presentation 2007/09/11 = 11/09/07 can you put 23/10/07 and 24/10/07 in
also please.

DFGO, good morning.I put the links you asked for, some however it just direct you back to their website, and is why i left them off.
cyril

Nice thread Cyril.

Why thank you kiwi7, here's the latest update which i shall also add in the header.
http://www.emeraldenergy.com/documents/20080220EENUpdate.pdf
cyril

http://www.321.energy.com/editorials/dancy/dancy022308.html
Interesting reading.
Not sure if the correct site is coming up? so it mignt need typing in manually?
cyril

Euhh, I think we are heading for base camp, before the assault on the 3 peak, or perhaps we are not even going to pitch the tent !

It will be interesting to see if those who have been shorting this stock will let go?
News is due on K4 in just over 2 weeks, so things might hot up?
cyril

We seem to have broken the 250p barrier, lets hope we can hold and
consolidate?
cyril

If there are people shorting this niceone cyril : they must be bonkers !

RF i used to think that, but i turns out its not straight forward when convertable
loans are involved. Very happy with todays SP which at 248p is its best in many a long day.
RF hope your happy with CDN?
cyril

Been in EEN for years now, at the moment no intention of selling, staying put until at least production in Syria, as far as CDN : thanks for the tip (Tom Winnifriths) (I hope that's the way his name is spelt) is tipping it as well; I took some profits a short while ago (I know I should have stayed put) and bought some NOP (Northern Petroleum with the profits), and that's starting to rise as well; I just can't buy them all!

Looks like we are setting up basecamp !

Chavez has sent troops to the border with Colombia, hope this will not affect EEN, could send Oil even higher though !

Reduced my holdings this am as i'm a little worried about the market.
Some hope here?
http://www.ameinfo.com/77555.html
cyril

22p rise today and more to come still playing catchup with GPX

GPX shares in issue 111.09mil Market cap 195mil
EEN shares in issue 59,59mil Market cap 153.15mil Colombia Assets eqiv to GPX
Mexico Assets and Block 26 Syria 50% share each

22p rise today and more to come still playing catchup with GPX

GPX shares in issue 111.09mil Market cap 195mil
EEN shares in issue 59,59mil Market cap 153.15mil Colombia Assets eqiv to GPX
Mexico Assets and Block 26 Syria 50% share each

niceonecyril

KE#4 well News due around about 14th March

Not the time to reduce holdings in oil companies niceonecyril !

Here's the news a bit earlier than expected (no testing), a horizontal well next.
http://www.investegate.co.uk/Article.aspx?id=20080306070200H8472
RF true,i'm quite happy with my holdings in EEN,it was a wider market that i worried about?
cyril

EEN's RNS, "1st Production later in the year" from this field.
http://www.investegate.co.uk/Article.aspx?id=200803060700484715P
I will add this to the header post.
cyril

We have now left base camp !

up another 9.75p today plus 22p yesterday = 31.75p in 2 days

posted twice

The Khurbet East No.4 well, the first well to be drilled in the development
phase of the field, has been successfully drilled, completed, and suspended as
an oil producer.

Khurbet East No.4 will be a producer in the first development phase of the field
involving the installation of an early production facility, scheduled to commence operation by the fourth quarter of 2008.


The well, located 150 metres away from the Khurbet East No.1
well, was drilled to a total depth of approximately 1,935 metres and encountered
the top of the Cretaceous Massive reservoir within 3 metres of the expected
depth.

Khurbet East No.5 will be first horizontal well in the field


The next well in the development phase, Khurbet East No.5 is designed to be the
first horizontal well in the field and is expected to commence drilling in the
middle of March 2008.

Yes and with production from Syria due in 4th Quarter from KH4, with Kh5
not to far behind with its extra output from the horizontal, we can
expect some real movement in the SP.
cyril

Express

SHARE WHISPER: Gulfsands Petroleum (LSE: GPX.L - news) (traders believe the company's Syrian oilfields may go into production much earlier than expected - perhaps as soon as early in the second half of this year)



http://uk.biz.yahoo.com/11032008/323/thomson-financial-uk-glance-share-guide.html

This stock is gathering momentum, theirs a whisper in the Express that production
will come sooner, maybe 2ndQ?
cyril

Gulfsands Petroleum And Emerald Energy Really Are Fast-Tracking Development Of Their Major Syrian Discoveries
We already know that Londons AIM-quoted Gulfsands Petroleums decision to enter Syria for green field exploration - a diversification from its projects in the US and the Maysan Gas Project in Southern Iraq - has been more than vindicated. The company owns a 50 per cent interest in the 8,250 sq km Block 26 in North East Syria. Fellow AIM company Emerald Energy owns the other 50 per cent (Gulfsands signed up in 2003 and was joined by Emerald in 2005).

There had been discoveries in the block but it did not seem particularly prospective for outsiders back then and there were a couple of disappointing wells. But the partners stuck with it.

The Khurbet East (KHE- 1) well drilled in the second quarter of 2007, was a multi-zone discovery flowing 35-degree API oil from the Triassic-aged Kurrachine Dolomites, natural gas from the Triassic-aged Butman reservoir and 24-degree API oil from the shallower Cretaceous-aged Massive Formation.

A follow up well, KHE-2, confirmed the presence of a high quality reservoir in the Massive capable of high production rates while the KHE-3 confirmed that capability, testing at 3,420 bpd of 26 degree API oil from the Massive Formation. The initial development will only target the Massive formation before getting to grips with the deeper zones because this will be the easiest, cheapest and fastest way to commercialise the discovery.

We now know the partners are moving very fast in terms of development. The KHE-4 well was drilled to a total depth of approximately 1,935 metres, and the top of the reservoir section was encountered within 3 metres of the pre-drill prognosis. The well has been completed and suspended as a future oil producer and will be brought on line when the Khurbet East Production facility is operational.

The Syrian authorities, perhaps unusually, have also moved fast giving their approval for development of the field. The partners now plan to further fast track the development using three horizontal wells and an early production system (EPS). It hopes to get a 10,000 bpd-capacity EPS up and running by the fourth quarter of this year.

Thats less than two years after discovery with plans for a full field development facility the following year with a production capacity of 30,000-40,000 bpd. The benefit of the EPS is that it will provide valuable information about reservoir performance to help redesign the full field facilities as well as generating cash flows to pay for the full field development

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1205200800&feed=oilbarrel_en

Two development wells are planned in the Campo Rico and Vigia fields.

Ecopetrol will participate at their 50% working interest level in the Campo Rico No.5 well.

The Vigia No.5 well will be drilled by Emerald at its sole risk as Ecopetrol elected in July 2007 not to exercise its 50% back-in right to the Vigia field.

The Campo Rico and Vigia wells are planned to commence drilling in the second quarter of 2008.

2008 Forward Plans

The Company plans a capital budget of up to $46 million in Colombia in 2008 which includes the drilling of three exploration wells.


The first of these will be drilled on the Capella prospect in the Ombu block which Emerald estimates may contain over 30 million barrels of unrisked recoverable resources.

The well is planned to be drilled in first half of 2008, followed by a period of testing of up to six months to evaluate various production methods, including steam injection for thermal recovery.

Ombu block
Emerald has a 100% working interest in this block, located in the Caguan Basin. A previous exploration well was drilled on the Capella prospect in 1975, encountering and recovering a total of 213 barrels of oil in the range 11 to 14 API from a number of horizons over a 110 feet section

Final results added to the header post.
http://www.investegate.co.uk/Article.aspx?id=200803170836542212Q
cyril

Looks like the tent slipped it's ropes during the night...we are alright though somebody will haul us back to the ledge where we were camping....usual sp drop on results....big cash pile..little hiccup with production in Colombia but drilling to come there...patience 3 is within our grasp !

Syria is the driving force for this stock,so patience and possibly a top up opportunity?
cyril

I would like to top up...but would have to sell something....

We are now back on the ledge and are resuming the climb !

http://www.investegate.co.uk/Article.aspx?id=200803250710196676Q
60 days to drill KE5 horizontal.
cyril

Emerald Energy Plc


25 March 2008


Khurbet East Field Update, Block 26, Syria


Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the
following update on activities in the Khurbet East field in Block 26, Syria.


Drilling of the Khurbet East No.5, the first horizontal development well in the
Khurbet East field, has commenced. It is designed as a horizontal producer with
a measured depth of approximately 2,900 metres including a 700 metre horizontal
section in the Cretaceous Massive reservoir. The well is expected to take
approximately 60 days to drill and evaluate. It will then be completed and
suspended as an oil producer to commence production after the installation of an
early production facility, scheduled to commence operation by the fourth quarter
of 2008.



Emeralds' Chief Executive Officer, Angus MacAskill, said:


'The drilling of horizontal wells in Khurbet East was indicated in engineering
studies to optimise field development through the higher well productivities and
oil recoveries associated with this technology

Resuming ascent...all's well !

Good weather....making good progress along the ridge....an IEC drop on one side...an WSM on the other...hopefully will come through unscathed !

Looks like we may have a real break out, and not before time imho?
cyril

niceonecyril
If link don't work go to FOGL thread post 315 open link slide10 valuation very interesting

http://www.fogl.com/documents/FalklandOilandGasLimited-CorporatePresentation-2008-03-18.pdf

DFGO if you click on the chain link above the this box you get,
http://www.fogl.com/documents/FalklandOilandGasLimited-CorporationPresentation-2008-03-18.pdf
Thanks most interesting.
cyril

Emerald Energy PLC
07 April 2008


Emerald Energy Plc
7 April 2008

Agerato Exploration and Production Contract Award in Colombia

Emerald Energy Plc ('Emerald' or the 'Company') is pleased to announce that it
has been awarded a new exploration & production contract in Colombia. The
Agerato Contract, in which Emerald has a 100% working interest, covers an area
of 170 sq. km and is located in the Putumayo Basin in south-west Colombia,
approximately 75 km to the south-east of the Company's Maranta exploration &
production contract area.

The initial phase of the exploration period is 12 months and the minimum work
programme comprises the acquisition of 35 km of new 2D seismic data and the
re-processing of 40 km of existing 2D seismic data. Emerald expects the
prospective depths to be relatively shallow, at approximately 7,000 ft. The
second phase of exploration, if entered, would include the drilling of a well.

The Agerato Contract has been awarded by the ANH, the National Hydrocarbon
Agency of Colombia, and a copy of the model contract terms can be found on the
ANH website (
www.anh.gov.co
).

Emeralds' Chief Executive Officer, Angus MacAskill, said:

'We are very pleased with the award of this new contract, building our position
in the prospective Putumayo Basin and increasing our activities under the ANH E&
P Contracts. During the first phase we will acquire and interpret data to
determine the potential for exploration drilling in the area.'

niceonecyril

thanks

I could not understand why my links never work here

We are now approaching the 3 peak now ...difficult hurdle to overcome...unknown mountain territory beyond !

RF, EEN hit 360p on announcement of interest in Block 26, Syria a couple of years ago. This time next month i believe things will get very exciting as we will be
close to results from the horizontal(KE5) presently being drilled, a postive flow rate
from this "production well" will imo see 350/400p quite easily?
cyril

Hope so niceonecyril...if EEN hit 350/400p, I will be over the moon ! cheers !

Through the 300p barrier....!, the climbing expedition is a triumph !

Possible breakout above the 3 barrier....the rest of the market doesn't look so good though...let's hope it stays there !

Very bullish upward spikes on this now...

Nice to see it above the 3,though not so sure its a spike, more to do with the oil
section up in general?
cyril

Brief spike up to 315p and then down,....overall, climbing steadily !

Breakout from the 3 area....

Something of interest,
http://www.iii.co.uk/investment/detail?display=discussion&code=cotn:EEN.L&it=le
Takeover fever?
cyril

Drilling in Colombia about to start ?

If you use the iii's link in post 126 you'll get the EVO update, which states
results from KE 5 expected early May and a target price of 420p.
cyril

Fantastic increase since the new year...long may it continue !

RF. yes and its no coincidense thats when i started this thread. To read the lead post says it all,and since we broke the 225p resistance its been on a steady upward trend. With KE 5 come Tuesday will be 42 days into its estimated 60 day
(conservative, KE 4 took 22 of the 30 day estimate), so any day now we should recieve news of this horizontal "production well"?
So what can we expect upon news is open to conjecture, for my part possibly
5000bopd to add to the earlier results making the 10,000bopd mentioned for
year end a very real target. As to the effect on the SP, well short term i feel 360p before settling down and once production commences (Q3) we should see a rise to approaching the 4 and maybe a whole lot more, well worth a punt both short and medium term?
aimo
cyril

Go with the flow?
http://quote.barchart.com/texpert.asp?sym=EEN.LS&code=BEQM
cyril

As i said, go with the flow, now at 340p. News of the production well KE-5 just
days away,could be this week, but my thoughts are next week?
cyril

No stopping this at the moment....or some of the other oil stocks as well...long may it continue !.

The result of the KE-5 horizontal production well is getting closer and closer, and
the SP is responding so i don't see a great reaction to the expected positive result(unless its outstanding),but this steady rise, will give a much more stable feel to the company,something imo which should be welcome.
cyril

Thanks niceonecyril...keep up the good work !

AGM on Thursday 15th May at 11am, so their could be some news releases this week? By the AGM the KH-5 horizontal production well will have taken 51 days since spudding out of the 60 days expected, against 22 days of 30 days for KE-4.

cyril

http://www.investegate.co.uk/Article.aspx?id=20080513070100H8461
Just the news we've been waiting for.
cyril

New well planned immiently and production later in the year(10,000bopd?)
As the headline for this thread, "AMAZING NEWS". What the SP will do today is
depentent on how much was built in already, but for sure its not going down.
cyril

Not too surprised the SP has not moved, it seems to be the norm that the news
was well known, and built in. It of interest now as to whether we get any news
from Colombia prior to the AGM(thursday) which could give added value to the company? EEN has now become a very desirable company to hold in todays climate as its cash position is extremely good.
Since i started this thread back in January it has been possible to have bought at
under 2 which gives a profit of some 75% (with a lot more to come)and had a no brainer written all over it.
aimho
cyril

Ouch !, bubble burst....took me by surprise !,....most oilies down !

Yes it does seem a sector thing? Perhaps a great opportunity to get in or top up?
cyril

I decided to top up and i'm confident that come year end we'll get over 4's,might go a lot higher but i'd be happy with 4, which is 15% above the present SP.
And of course we have the AGM on Thursday which could give up some info on
the Colombian front (hoping for a RNS prior to the AGM),will add some more meat to the bone.l

http://www.investegate.co.uk/Article.aspx?id=20080514070000H8853
This is EEN's partner in Syria, it is also believed that theirs a buyer of EEN and
that the company are using company law to try and track down that party?
cyril

http://www.investegate.co.uk/Article.aspx?id=200805150700034811U
cyril

50,000 at 377.38p after hours.
cyril

This company is going from strength to strength.
http://www.investegate.co.uk/Article.aspx?id=200805190700047029U
cyril

Block 26 PSC Oil Revenue Distribution

The Block 26 Contractor Group (Gulfsands 50% and Emerald 50%) is entitled to

Based on US$105/barrel realised oil price and gross daily production 25,000 bbls/day
recovery of all SPC approved exploration, development and operating costs
Exploration and operating costs are fully recoverable within a calendar year
Development capital cost recovery is capped at 25% per year (i.e. 100% of capital costs recovered after 4 years)
For example, based on a US$105/barrel realised oil price, the Contractor Group will receive in ~US$62barrel of revenue per barrel of produced oil while costs are
being recovered
After costs have been recovered, Contractor Group revenue is ~$32 barrel of produced oil

niceonecyril

The May 08 PDF updated

http://www.gulfsands.net/i/pdf/CorpPres-May08.pdf

GO BABY GO, 371p.
cyril

going nicely - with two productive drills inn progess at opposite sides of the world to reach target depth in the next 1-2 months - looks good to sustain this growth for a while longer.

http://investing.thisismoney.co.uk/cgi-bin/digitalcorporate/thisismoney/broker_rec.cgi
Worth remembering, news from Colombia expected next week and Syria some
within 3 weeks?
cyril

Hitting all time high, hope it finishes at a end of day high?
cyril

.

copy of evo's latest note posted by AG on ADVFN EEN bb

as promised, EVO's latest note (Emerald Energy : 630p target)

Oil Sector Review - Ultimately industry is the price setter
http://www.mediafire.com/?m9iyf2j12wn

RNS dated 19th May stated that a 5th well Vigia5 had commenced (when exactly?)
and would take approx one month, so should get the result this week. This well is disscribed as a producer, so a welcome addition to our already steady Colombian production.
From the same RNS KE-6 will take 50 days, this is bekieved to be ahead of time and if so could be early July?
cyril

I,m using GPX's update as its more comprehensive, excellent as expected.
http://www.investegate.co.uk/Article.aspx?id=20080617070000H8413
cyril

Cyril
not long to first production

Emerald Energy Plc

17 June 2008

Khurbet East Field Update, Block 26, Syria

Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the following update on activities in the Khurbet East field in Block 26, Syria.
Khurbet East No.6, the second horizontal development well in the Khurbet East field, has been drilled with a 200 metre horizontal section in the Cretaceous Massive reservoir. The reservoir was encountered at the expected depth and the well was completed and suspended as the fifth production well available for production from the Massive. Well testing operations were not conducted and the productivity of the well will be determined after the commencement of production through the early production facilities.

The installation of the early production facilities to gather the production from the Massive production wells is expected to be completed during the third quarter of 2008.
Emeralds' Chief Executive Officer, Angus MacAskill, said:

'We are pleased to have completed the development drilling for the early production phase of field development and look forward to commencement of production after the installation of the early production facilities.'

Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNG Overseas Ltd.

Enquiries: Lisa Hibberd 020 7925 2440

DFGO. yes as we almost hit 4 what can we expect from a Colombian increase
coupled with KE coming on line?
Since i started this thread it has been possible to get stock for less than 2 so
in 6 months up 100%, as the headline states "AMAZING NEWS" and little risk?
cyril

Excellent news once again....GPX doing fine as well.

Cyril
first production from Syria now expected in 3rd quarter.

The installation of the early production facilities to gather the production from the Massive production wells is expected to be completed during the third quarter of 2008.

I see the highest trade was for 435p, before settling down.
cyril

Slightly disappointed, expected news of V5 "Production Well" which according to
the RNS should have taken about a month. Now that takes us somewhere to the
19th and here we are some 5/6 days overdue, which in terms of %ages is quite
a bit. So its not unreasonable to expect an announcement sometime this week
(preferrably tomorrow)?
cyril

http://www.investegate.co.uk/Article.aspx?id=20080701070000H2381
From GPX's,as i've said before AMAZING NEWS.
cyril

Why the recent pull back , anyone think the progress is not quite up to expectations? Could the valuation have been too toppy anyway?
TIA

Seems general market and perhaps getting a little ahead,a good source feels that
news from V5 is out next week and we could get production start up from Syria
even sooner than expected? So hopefully a rerating in the v/near future.
cyril

SP dropped to 330p, a chance for those interested. News from Colombia expected
this week(V5 production well) and start up of production next month from Syria.
aimho
cyril

Well V5 up and running, problems with gigante again so not to the markets liking although now over 4000bopd and will undoubtably increase with time.
http://www.investegate.co.uk/Article.aspx?id=200807080700095207Y
Looks like the market in general is being taken down which seems to be the norm for this time of year? So we wait until next month for the Syrian KE well to
start production before any real movement in the SP,a great buying opportunity
with a company which is now on the verge of a real break out?
aimho
cyril

A nice late tick up today, lets hope its the start of reconnising the improved output from Colombia and within approx 6 weeks a whole lot more oil from Syria?
Not holding my breath though.
cyril

http://www.investegate.co.uk/Article.aspx?id=200807140716159627Y
http://www.investegate.co.uk/Article.aspx?id=200807140716319628Y
I'm adding the Interims to the lead post.
cyril

Some highlights from the latest RNS's, cash revenue up from $11m to $48.4m. For the last 7 months an average of 2901bopd now over 4000bopd an extra 30%+,
which will be suplimented by further wells fron Vigra 6 and Vigra 7 ?, another well in Campo Rico No1 well in Obmu (Campella 1) and of course Syria (due next month).
Also a further exploration well which has been idenified by 3D Sysmetics, so all in all a very good report which will imho be rewarded for those who wait?
cyril

Some highlights from the latest RNS's, cash revenue up from $11m to $48.4m. For the last 7 months an average of 2901bopd now over 4000bopd an extra 30%+,
which will be suplimented by further wells fron Vigra 6 and Vigra 7 ?, another well in Campo Rico, the 1st well in Obmu (Campella 1) and of course Syria (due next month).
Also a further exploration well which has been idenified by 3D Seismetics, so all in all a very good report which will imho be rewarded for those who wait?
cyril

Just one of the many reports from yesterdays news,
http://business.timesonline.co.uk/tol/business/markets/article4334059.ececyril

niceonecyril


New investor presentation on website

http://www.emeraldenergy.com/

16 July 2008 Investor Presentation Update July 2008 - PDF (1249 kb)

Someting is happening here...it's going ballistic !.

A 100p spread....crazy...!.

AMAZZZZZZING
cyril

52.5p increase since this morning....oil strike in Colombia perhaps ?.

RF don't think so, its more likely to be impending news of 1st production from Syria? Then couple that with the latest Colombian increase in output via Vigra 5
with a 6th being drilled and the overall picture is very rosy. But this is the message
i've been beating the drum about from the 1st post.
cyril

Well I've been in this for years and with RIFT this morning hitting a possible jackpot it has been a good morning.

http://www.bloomberg.com/apps/news?pid=conewsstory&refer=conews&tkr=GPX:LN&sid=ahM6zZLuGrQo
Production expected from Syria next week?
cyril

Here's the article which was responcable for today's hike.
http://www.telegraph.co.uk/money/main.jhtml?xml=money/2008/07/21/cngulf121.xml
Also GPX issued an RNS stating they will update the market on the reports
this morning, the 1st production.
cyril

Here's the article which was responcable for today's hike.
http://www.telegraph.co.uk/money/main.jhtml?xml=money/2008/07/21/cngulf121.xml
Also GPX issued an RNS stating they will update the market on the reports
this morning, the 1st production.
cyril

deleted to wide

RNS Number : 5652Z
Emerald Energy PLC
22 July 2008








Emerald Energy Plc

22 July 2008

Khurbet East Field Update, Block 26, Syria

Emerald Energy Plc ("Emerald" or the "Company") would like to provide the following update
on activities in the Khurbet East field in
Block 26, Syria.

Production in the Khurbet East field commenced on 21st July with oil production from the
Khurbet East No.4 well, the first to be
connected to the early production facility.

Operations will continue with the connection of the Khurbet East No.5 and Khurbet East
No.6 wells to the early production facility, and
the re-entry, completion and connection of the Khurbet East No. 2 and Khurbet East No. 3
wells. These operations are expected to take place
over several weeks.

An update on production rates will be provided at a later date when these operations have
completed and production levels have
stabilised.


Emeralds' Chief Executive Officer, Angus MacAskill, said:

"We are delighted with reaching this milestone of first production from the Khurbet East
field, following a rapid development made
possible by the co-operation of the co-venturers, the Syrian Petroleum Company, and the Syrian
Government, and we look forward to the
stabilising of production levels over the next few weeks following the connection of the
remaining four production wells."


Enquiries: Lisa Hibberd 020 7925 2440



This information is provided by RNS
The company news service from the London Stock Exchange

And Gulfsands, Emeralds parteners take on the situation





Immediate Release 22 July 2008

Gulfsands Petroleum plc
Oil Production Commences at Khurbet East Field

London, 22nd July 2008: Gulfsands Petroleum plc ("Gulfsands", the
"Group" or the
"Company" - AIM: GPX), the oil and gas production, exploration and
development company with activities in Syria, Iraq, and the U.S.A.,
is pleased to announce that the production of oil commenced at the
Khurbet East Early Production Facility ("EPF") in Block 26, Syria on
21st July 2008.

This early commencement of oil production follows the fast tracking
of construction of an EPF for the Massive Reservoir in the Khurbet
East Field. The discovery well for the Khurbet East field, KHE-1,
completed operations in June 2007.

Gulfsands, the Operator of Syria Block 26 and Dijla Petroleum Company
("DPC"), the jointly owned company established with Syria Petroleum
Company ("SPC") to act as the "joint operating company" under the
terms of the Production Sharing Contract for Block 26, completed the
EPF less than six months after the receipt of approval from the
Syrian Petroleum Company and the Government of Syria for the
development of the Khurbet East Field (see announcement 13th
February, 2008). The commencement of production of oil is several
months ahead of the development schedule contemplated at that time.
The first well brought into production is KHE-4, one of the three
vertical wells to be tied into the EPF. The Company is now proceeding
with un-loading and kick-off operations of the two horizontal wells
(KHE-5H and KHE-6H) and will follow with the two remaining vertical
wells (KHE-2 and KHE-3). The Company expects that it will take
several weeks to complete these operations.
The Company will provide an update on production once all these
operations are completed and production rates have stabilised.
Commenting on this important production milestone, Andrew West,
Chairman of Gulfsands said:
"From discovery to production within this timeframe reflects the
considerable abilities of our technical team and the high level of
co-operation with the Government of Syria and Syria Petroleum
Company. With production from Khurbet East having started well ahead
of schedule, which will ramp up as we tie in additional wells, we
look forward to further developing the other opportunities in Block
26 in what is a highly prospective and proven hydrocarbon system in
Syria."

For more information please contact:

Gulfsands Petroleum (London) +44 (0)20-7182-4016
Kenneth Judge, Director of Corporate Development +44 (0)7733-001-002

Here we go again...zooooom !

Good morning, exciting piece of news today. And some movement in the price,the
start of a whole lot more to come once the other wells are tied in?
cyril

Crumbs...what's happened now ?, up 16p...down 22p...?.

A copy of DFGOs post via ADVFN, hope you don't mind?


After Goverment Royalty 12.5%

Emerald get 50% of cost recovery oil.

Cost recovery oil above the recoverable costs treated as Profit Oil.

Profit Oil Contractor 35%/SPC 65% up to 25,000 bopd.

Profit Oil Contractor 35%/SPC 65% up to 25,000 bopd.

Contractor 33%/SPC 67% for more than 25,000 and less than 50,000 bopd.

A higher scale over 50,000bopd.

Syria: Block 26 PSC Oil Revenue Distribution
Contractor Interests
Emerald Energy 50%
Gulfsands Petroleum 50% (operator)
Royalty (Government)
12.5% of gross oil production
Cost Recovery Oil
50% of gross production less royalty
Cost recovery oil above the recoverable costs treated as Profit Oil

Profit Oil
Contractor 35%/SPC 65% up to 25,000 bopd
Contractor 33%/SPC 67% for more than 25,000 and less than 50,000 bopd
sliding scale at higher production rates
Production Bonuses payable to SPC
$2m payable on reaching 25,000 bopd
$5m payable on reaching 50,000 bopd
Profit Oil
Contractor 35%/SPC 65% up to 25,000 bopd
cyril

Early production from the early production facility. Well done all concerned. This is my dead cert for the rest of this year and next. Lots of good news to come from production and further drilling. 2.50 - 3.00 or more by December (IMNSHO). Great management, fantastic (low cost to develop) area to increase reserves from, a very good relationship with the Syrian Government. Gulfsands will be producing 10% of Syria's oil in 18 months time. My feeling is that this could turn out to be substantialy more in the longer term. Huge huge huge upside. Good luck all holders (you (and great management) make your own luck). Thanks also to the chaps that left. 10,000 barrels a day @ a conservative $100 a barrel @50% while recovering costs ($30M ish) should take around 2 months (feel free to correct me). The books will look very good by next April. Happy times ahead. Its nice to hold a share that you don't feel nervous about in the current economic climate.
--------------------------------------------------------------------------------
A view held by another investor regarding GPX, for me it could apply moreso to EEN
as we have our Colombian assets, which seem to be accumilating cash by the minute and a lot more to come.
cyril

cyril - don't forget the 12.5% royalty off the top of recovery oil, leaving 43.75% each for EEN and GPX (subject to max 25% pa of costs written off), reducing to 17.5% of profit oil.

very nice, as you say.

Stockdog theirs reference to the royalty in post 190, i think it works out at roughly
$62/barrel until cost of exploration reducing to $32/barrel profit thereafter?
The revenue company from Colombia plus that of Syria by year end coupled with cash in the bank, for a company with a M/Cap of just over 224m is,as the header title states "Amazing".
aimho
cyril

Broken through the 4 once again,could even hold with the forecoming news?
cyril

7th August 2008

http://www.sharesmagazine.com/node/4830

Emerald Energy (EEN)

BUY - 395p

TARGET - 605p

STOP LOSS - 324p

Things seem to be looking up for the explorer mainly focused on South America and Syria. After a 96% fall from 1998 to 2003, the shares rallied sharply in 2004, then gently rose: on the chart it resembles a sideways consolidation, albeit one with quite a large range. This year the shares have already climbed by some 98%, outperforming their sector by 125%.

In the recent broad sector pullback the shares have barely corrected below their 50-day average and again press best levels for the year so far. Recent rises in volume also suggest buyers coming in. If a bull flag is forming then a move akin to what preceded its start must be sought on a climb above 405p. This would give a gain of 200p and take the shares toward a test of 600p, which produced support and resistance some ten years ago. Investors must remember another scenario gives a bull channel over four years long, with a mid-line currently preventing the shares rising further. A decisive move up would still allow a rise to test the channel upper return line, again near my 605p objective. Only a fall below 325p would question the bullish outlook and risk a drop toward 250p.

copied from advfn

stevea171 - 9 Aug'08 - 21:56 - 223 of 223


Emerald is involved in a company making exploration/development drilling program making continuous use of 3 drilling rigs (2 in Colombia and 1 in Syria) over the second half of this year and beyond into 09.

This is in addition to current (or near current) oil production of:

Colombia 4,000 bopd
Syria 5,000 bopd (10k bopd shared with Gulfsands)
Total production interest 9,000 bopd from August.

Exploration/development drilling:

Vigia-5. Emerald 100% as no Ecopetrol backin. Completed June and in production from 1/7 at c.1,000 bopd.

Capella-1 (Ombu). Spud announced 14/7. Emerald 90% interest. 4,000 ft. Expected to take 1 month to drill and evaluate.
Should have reached TD by now as only shallow depth.
Result could be announced this week or next.
30 million bo prospect.

Canacol 10% interest in the Ombu block by paying 100% of the cost of drilling and testing the Capella No.1 exploration well. Canacol may earn an additional 5% interest in the block by paying 100% of the cost of two further wells plus the cost of a 2D seismic survey over the prospect. Canacol may earn a further 15% interest in the block by paying 100% of the cost of drilling twelve further wells together with the cost of a 3D seismic survey over the prospect.
In total, Canacol may earn up to a 30% interest in the Ombu block by paying 100% of the cost of up to 15 wells plus 2D and 3D seismic surveys.

Vigia-6. Spud announced 14/7. Emerald 100% as no Ecopetrol backin. 11,000 ft, deviated well.
Expected to take 1 month to drill and evaluate.
Flow rate not expected to be announced until tied in to the central facilities at Vigia.
Expected to enter production early September.

Yousefieh-1. Emerald 50% interest. Exploration well.
Expected to commence drilling mid August. Announcement should be soon.
Est 30 days. Look alike KE Massive structure?

Campo Rico-5. Expected to commence drilling September with the rig moving from Vigia. 11,000 ft, deviated well.
Est 30 days.
Expected to enter production November.


Follow on drills using all 3 rigs to include the following:

KE/Yousefieh/Naor West. To be decided following Y-1 drill.
My guess is KHE-1 will be re-entered for further testing, followed by Y-2 if Y-1 was good.

Ombu. 1 further well by November if the second phase of work is entered into.

Jacinto (Jacaranda). Qtr 4. 6,000 ft. 1 month to drill and evaluate. Unrisked 10 million bo prospect.

Mirto (Miranta). Qtr 4. Unrisked 5-15 million bo prospect.

Vigia-7. To be decided

DFGO thanks for the post most interesting and just shows what we have. One
point is the Syrian share as i believe we have to split with the contractor?
cyril

niceonecyril

slide 31

Cost Recovery Oil
Emerald get
50% of gross production less royalty
Cost recovery oil above the recoverable costs treated as Profit Oil

Profit Oil
Contractor 35%/SPC 65% up to 25,000 bopd

http://www.emeraldenergy.com/documents/EENUpdateJuly2008.pdf

Syria: Block 26 PSC Oil Revenue Distribution
Contractor Interests
Emerald Energy 50%
Gulfsands Petroleum 50% (operator)
Royalty (Government)
12.5% of gross oil production
Cost Recovery Oil
50% of gross production less royalty
Cost recovery oil above the recoverable costs treated as Profit Oil

Profit Oil
Contractor 35%/SPC 65% up to 25,000 bopd
Contractor 33%/SPC 67% for more than 25,000 and less than 50,000 bopd
sliding scale at higher production rates
Production Bonuses payable to SPC
$2m payable on reaching 25,000 bopd
$5m payable on reaching 50,000 bopd
Taxes
SPC pays Contractor income taxes from SPC share of profit

Seems like they may want to keep it under 25kbopd to maintain profit share at 35% and avoid the $2m bonus - unless they are certain they can go a lot higher to, say, 40kbopd on a sustainable basis. Then they'd need to make the same judgement about hitting 50kbopd.

SPC's share seems quite high, but then they do cover income tax out of it which could account for say 15% - so they are getting 50% less income tax which seems more natural - don't forget after the constant 12.5% royalty off the top as well.

On the move again, 400p+ at the minute. Not surprised really with news on two fronts, Syria KE-1 near to confirming production update with a possible 10,000bopd
and Colombia Vigra 6 at TD and connecting to pipelines which should ready and adding to output in the next couple of weeks?
EEN has a large cash surplus from its Colombian assets and with a possible 25%
increase in output is fast becoming a money printing company, they also have news from Ombu imminent so its all systems go(hopefully always imho
cyril

http://business.timesonline.co.uk/tol/business/industry_sectors/natural_resources/article4596945.ece
cyril

EGM tomorrow, not expecting news just yet but one never know's? It'll be 43 days
since the announcement of Vigra 6 was going ahead now that against 49 days for
confirmation of production (1000bopd) for V5, so perhaps next week there? Syrian well KE-1 EPF to allow 10,000bopd also maybe a week or 2 off completion so any
possible update could come from Ombu? It'll be interesting to see what or if
any updates tomorrow?
cyril

niceonecyril
KE1 will be used to test the Butmah and Kurrachine Dolomite reservoirs.

5 wells to be brought on production KE2,KE3,KE4 all vertical wells and 2 horizontal wells KHE-5H and KHE-6H.


The first well brought into production is KHE-4, one of the three
vertical wells to be tied into the EPF.

The Company is now proceeding with un-loading and kick-off operations of the two horizontal wells KHE-5H and KHE-6H.
And will follow with the two remaining vertical wells KHE-2 and KHE-3.

DGFO Thanks for your input its much appreciated,looks like next week if as V-5,
V-6 takes the same 49 days. EGM successful so any sensitive news can now be releasd and nice to see us finishing on 4 today,especially in the light of the market in general.
cyril

niceonecyril

slide 15
Khurbet East & Block 26 Forward
Drilling/Development Programme

Spudding Yousefieh-1 exploration well
www.gulfsands.net/i/pdf/GPX_CorpPres_2008_08_21.pdf

DFGO Thanks for link although not coming up so i'll try,
http://www.gulfsands.net/s/Presentations.asp
Aug 2008
cyril

Great finish,up once again to the highest levels in many a year?
Next week could be interesting(very)?
cyril

Great finish,up once again to the highest levels in many a year?
Next week could be interesting(very)?
cyril

Doing very nicely, 419/426p. Looking like hot money arriving prior to expected news?
cyril

Doing very nicely, 419/426p. Looking like hot money arriving prior to expected news?
cyril

img src="http://charts.moneyam.com/Chart.aspx?Provider=EODIntra&Code=EEN&Size=520&Skin=BlackBlue&Type=2&Scale=0&Span=YEAR1&MA=&EMA=50;200;&OVER=&IND=&X=331&Y=41&XCycle=&XFormat=&Layout=2Line;Default;Price;HisDate&SV=0">

Emerald Energy Plc

2 September 2008

Colombia - Vigia No.6 Well Result

Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the following update on operations in Colombia.

The Vigia No.6 development well in the Vigia field has been drilled to the target reservoirs and completed as an oil producer. The well encountered the targeted Cretaceous age Une and Gacheta reservoirs. Both reservoirs were oil-bearing with very good development of clean sandstones in the Gacheta. Vigia No.6 was completed to produce from the Gacheta formation and has flow tested at an initial stable rate of over 850 barrels of oil per day with only a small amount of water.

Following the encouraging results in Vigia No.5 and No.6 wells, the two development wells drilled in the Vigia field during the current drilling campaign, the Company has decided to drill a further development well in the Vigia field. This well will utilise approximately 1,500 feet of the cased well bore of the unsuccessful Vigia No.4 well drilled in 2007. The Vigia No.4ST (Side Track) well will be directionally drilled to penetrate the Une and Gacheta reservoirs to the south of the Vigia No.5 well. The drilling of Vigia No.4ST well will commence as soon as the rig-move has been completed.

The Vigia field, including the Vigia No.5, No.6 and No.4ST development wells, has been developed under the sole risk terms of the Campo Rico Association contract.

Emeralds' Chief Executive Officer, Angus MacAskill, said:

'We are delighted that the Vigia No.6 well has continued to demonstrate the potential of the Vigia field, and look forward to the additional production from both this well and the further Vigia and Campo Rico development wells planned for drilling in 2008, contributing to strong second-half production in Colombia.

Another excellent result, 2 more expected (Syria and Ombu)
cyril

Colombia H2 drilling campaign and results
drill result 8/7/08 Vigia#5 1000bopd
drill result 2/9/08 Vigia#6 850 bopd
spud in June Capella #1 if successfull
Drill Capella #2 before November 2008
Currently preparing to dril Vigia #4st
Drill Mirto #1 exploration well in Q4 2008 nearby infrastructure
Drill Jacinto #1 exploration well in Q4 2008 nearby infrastucture
Drill Campo Rico #5 Develoment/production well Q4 2008

DFGO; thanks for the info, looks like the company have been quitely going about
their business.
cyril

Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the following update on activities in the Khurbet East field in Block 26, Syria.

Following the completion of start-up operations that commenced with Khurbet East No.4 on 21 July, the Khurbet East field is now producing at a stabilised rate in excess of 11,500 barrels of 25.7 degrees API gravity oil per day from three vertical wells (Nos. 2, 3 and 4) and two horizontal wells (Nos. 5 and 6).

A pressure monitoring programme designed to gather information on the performance of individual wells and the Cretaceous Massive reservoir was completed on 5 September 2008. The programme involved recording the bottom-hole pressure in the wells while sequentially flowing and shutting in each of the wells. This information will be used for reservoir management and future field development purposes.

Average oil production during August was 5,600 barrels per day with only trace amounts of water present in the oil. Cumulative oil production to date is over 260,000 barrels. The produced oil has been delivered by trucks to a receiving facility operated by the Syrian Petroleum Company approximately 33 kilometres by road from the Khurbet East field.

The crude oil produced from the Khurbet East field has been determined to have specifications similar to those of the Syrian heavy crude oil. Under oil marketing arrangements agreed with Syrian Petroleum Company ('SPC') and the Oil Marketing Bureau of the Syrian Government ('OMB'), oil produced from the Khurbet East Field will be sold as Syrian heavy crude oil which has an API of approximately 24.1, and exported through the Mediterranean port of Tartous using SPC's oil handling infrastructure. However, in the period to September 2009, under the OMB's arrangements for marketing oil produced from newly developed fields in this area, the Company will be receiving 80 per cent of the official price of the Syrian heavy crude oil, with the settlement for the remaining unpaid amount, subject to any adjustments for variations in oil quality, taking place in September 2009. After completion of this initial oil analysis process OMB will then pay, without retention, 100% of the selling price as determined for the measured oil quality.

Emeralds' Chief Executive Officer, Angus MacAskill, said:

'We are very pleased with the successful completion of the production start-up phase of Khurbet East field operations and to have reached stabilised production levels in excess of the original plans. We look forward to the field's contribution to the Company's production and cash flow and also to further field development.'

Great news;
NO, AMAZING NEWS AS THE HEADER.

I will update the header with this info.
cyril

Emerald's production must be in total close to 10000 barrels of oil per day (Syria and Colombia).....that should top up the bank balance and improve cash flow !.

If there was an oil price turnaround this would rocket up to 5.....but the question is where is oil going ?, up?, down?, or is it going to stabilise ?....short term with "IKE" closing down on Texas probably up....after that who knows ?.

Opec cut output decision - 520k bpd - to help stop slide in oil price. Let's assume they are trying tO maintain $100pb. Let's assume grade of Syrian heavy is worth 90% of Brent. So we have $90pb X 43.75% during cost recovery (reducing to 17.5% for profit oil). At 11,500bpd, that's $450k per day revenues on top of Colombian output - very nice.

For Gulfsands and Emerald.....50% each .....looking good...must hope oil does not drop too much !.

RNS Number : 4774D
Emerald Energy PLC
15 September 2008



Emerald Energy Plc




15 September 2008




Peru - Block 163, 2008 Bidding Round Result




Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the following update on operations in South America.




The Company has been informed by Perupetro S.A., the state company administering the hydrocarbon resources in Peru, that it was the successful bidder on Block 163 in the recently completed 2008 Bidding Round.




Block 163 is located in the Ucayali basin, approximately 440 kilometres to the northeast of Perus capital, Lima, and has an area of approximately 5,000 square kilometres. The block is in an area containing gas and oil fields producing from Cretaceous aged formations and is traversed by pipelines to a refinery in Pucallpa, the capital of the province. Several leads with depths estimated to be between 9,000 and 12,000 feet have been identified from the existing sparse 2D seismic data.




The work commitment during the first phase of the exploration and production ('E&P') contract, lasting 12 months, consists of technical studies. The second phase of 18 months, if entered, has a minimum work commitment of 300 kilometres of 2D seismic acquisition and processing, and the third phase of 18 months, if entered, has a minimum work commitment of one exploration well. The E&P contract is a tax/royalty contract in which the royalty, including additional royalty as part of the bidding process, is 13% up to 5,000 barrels per day increasing up to 28% for production levels in excess of 100,000 barrels per day.




Subject to completion of the award process, Emerald will hold 100% interest and operatorship of Block 163, Emerald's first exploration block in Peru.




Emeralds' Chief Executive Officer, Angus MacAskill, said:




'We are very pleased to have been the successful bidder in Block 163, marking our entry into Peru, and we look forward future success and growth in this Andean country'







Enquiries: Lisa Hibberd 020 7925 2440

DFGO
Tthanks for your post, should help spread the risk?

Todays announcement

Colombia - Capella No.1 Well Result

Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the following update on operations in Colombia.

Drilling of the Capella No.1 exploration well, in the Ombu block, commenced on 10th July and reached its total depth of 3,802 feet on 30th July. Hydrocarbon shows were encountered while drilling the target Mirador formation and wireline logging indicated the presence of 189 feet of potential hydrocarbon bearing intervals.

After the wireline logging evaluation, the lower non-prospective section of the borehole was isolated with a cement plug set at 3,420 feet and casing was run to a depth of 3,303 feet leaving the middle 117 feet of potential hydrocarbon pay, believed to be of lower porosity and permeability, uncased in open hole and the upper 72 feet of potential hydrocarbon pay in mainly higher porosity sandstones behind casing.

Flow testing of the open-hole interval has been achieved using a progressive cavity mechanical pump. During this testing over a period of 6 days, the production stabilised at a rate of approxi

DFGO
Tthanks for your post, should help spread the risk?

Todays announcement

Colombia - Capella No.1 Well Result

Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the following update on operations in Colombia.

Drilling of the Capella No.1 exploration well, in the Ombu block, commenced on 10th July and reached its total depth of 3,802 feet on 30th July. Hydrocarbon shows were encountered while drilling the target Mirador formation and wireline logging indicated the presence of 189 feet of potential hydrocarbon bearing intervals.

After the wireline logging evaluation, the lower non-prospective section of the borehole was isolated with a cement plug set at 3,420 feet and casing was run to a depth of 3,303 feet leaving the middle 117 feet of potential hydrocarbon pay, believed to be of lower porosity and permeability, uncased in open hole and the upper 72 feet of potential hydrocarbon pay in mainly higher porosity sandstones behind casing.

Flow testing of the open-hole interval has been achieved using a progressive cavity mechanical pump. During this testing over a period of 6 days, the production stabilised at a rate of approximately 155 barrels per day of 10.5 degree API gravity oil with a water cut of approximately 15% which may have been the return of drilling fluids lost to the formation while drilling. The lower open hole section was subsequently isolated with a retrievable bridge plug so that it may be re-entered later.

The upper cased zone was then perforated and flow tested, also using a progressive cavity mechanical pump, operating at a reduced rate to avoid the potential inflow of solids from the higher porosity sandstones. During this testing over a period of 4 days, the production stabilised at a rate of approximately 85 barrels per day of 10.5 degree API gravity oil with only traces of water.

On completion of this initial testing the rig will be demobilised from the well site. It is then planned to conduct longer term production testing of the well for a period of up to six months which may involve the use of alternative pump configurations and cyclic steam injection.

Under the terms of the farmout agreement announced on 14th July 2008, the cost of drilling, evaluating, and testing the Capella No.1 well, including the longer term production testing, is being paid by Canacol Energy Inc. to earn a 10% interest in the Ombu block. In total, Canacol may earn up to a 30% interest in the Ombu block, subject to the approval of the National Hydrocarbon Agency of Colombia ('ANH'), in three stages by paying 100% of the cost of up to 15 wells plus 2D and 3D seismic surveys.

The Company has notified the ANH of the results to date of this discovery. Following these encouraging results from the first well on this potentially large structure, the Company has decided to drill the Capella No.2 well approximately 1.3 kilometres from the Capella No.1 discovery well. Drilling of the Capella No.2 well will commence once the rig has been mobilised to the location and the well is expected to take up to three months to drill, evaluate and flow test.

Emeralds' Chief Executive Officer, Angus MacAskill, said:

We are pleased with the results of the Capella No.1 well demonstrating the presence of oil in this material structure and providing an encouraging total cold flow production rate of approximately 240 barrels of oil per day from the tested zones in this vertical well. We are optimistic that these results, together with the data expected from the Capella No.2 well, will support the commercial development of this conventional heavy oil discovery.

cyril

Turnright - 16 Sep'08 - 17:29 - 910 of 914


Minister of Mines says this is one of the most important finds ever in Colombia, and has over 100 MM barrels od reserves.....

http://www.portafolio.com.co/economia/finanzas/2008-09-16/ARTICULO-WEB-NOTA_INTERIOR_PORTA-4533084.html

the following translation by babelfish

Minminas confirmed oil well finding that would have reserves of crude heavy percent million barrels Published 16-09-08

The head of the portfolio, Hern Martinez, said that the well is located in the department of Meta. " He could be the found more important oil discovery in the country in last dada". According to minister Martinez, the well - that would have reserves of crude heavy by more than one hundred million barrels, he is being explored by the British company Emerald in the municipalities of Castile and Rubiales, in that department of the center of the Andean nation. " It is the excellent news for the country.

He is one of the discoveries greater than he has had in Colombia which inevitably will bring capital more extranjero" , he indicated Jorge Cazares, director of the National Hidrocarburos Agency (ANH).

According to minister to Caracol Radio informed, when finalizing the first trimester of 2009, the reserves certified of crude of Colombia will happen of 1,400 to 4,000 million barrels of crude, thanks to the new finding.

Colombia at the moment produces 600,000 barrels of petroleum to the day and guarantees its self-sufficiency until 2015. In 2008 Colombia it will offer to the oil companies that want to invest in the country contracts to operate in 150 exploratory blocks in all the territory, like part of a project that it tries to reactivate the sector of hydrocarbons.

The objective of the Colombian government is to get to produce in 2020 a million barrels to the day (mbd), practically the double of almost the 600,000 daily barrels that produces at the moment, after a reduction of the production from beginnings of the decade.

Bogota (Colombia).

http://www.portafolio.com.co/economia/finanzas/2008-09-16/ARTICULO-WEB-NOTA_INTERIOR_PORTA-4533084.html

Sp about to burst higher ?, with oil rocketing ?.

Just broken above the 4 barrier again,so lets hope so? Difficult market to read,
DGO down this am (over 40,000bopd) unless profit taking from recent rise?
As far as EEN is concerned surprising how little the Colombian Find ( posted by
DFGO) has effected the SP.
cyril

If we draw two lines (aprox.) across the rising trend.....we have the low now...perhaps the high at around 470p could be coming....perhaps is a big perhaps !.

Higher highs and lower lows
And liddle dozy divey
A kiddly d'oily too
Wouldn't you.

Thanks for the poem Stockdog !, nice steady rising graph.....at the moment in the middle of the trading range....!.

ANH prequalifies majors for Colombia round - Colombia
Published: Tuesday, September 9, 2008

Colombian state hydrocarbons agency ANH has prequalified a wide variety of oil majors, state oil companies and smaller companies to bid as operators on 43 blocks being offered in 2008's Colombia round, the agency said in a statement.

ANH will accept offers on November 7 and aims to sign contracts for the awarded blocks in November and December, which the agency had originally intended to do in October.

The Colombia round, launched in February, includes 43 blocks throughout Colombia with an average size of 180,000ha.

The prequalified operators for the round include the following: Turkish Petroleum; Lewis Energy; Hunt Oil of Colombia; India's ONGC Videsh; Spanish oil major Repsol YPF (NYSE: REP); Omimex Oil & Gas; France's Perenco; Hocol (Maurel & Prom); Colombian state oil company Ecopetrol; META Petroleum (Pacific Rubiales); Pacific Stratus Energy (Pacific Rubiales); Korea National Oil Corporation; Shell Exploration and Production; Tecpecol; CEPCOLSA, China's Sinopec International, Calgary's Petrominerales; Argentina's Pluspetrol; Japan's Teikoku Oil; Noble Energy; SK Energy; BHP Billiton; Brazil's Petrobras; Inepetrol; Glencore; Chevron Petroleum Company; Calgary's Talisman Energy; Chevron Texaco Overseas Petroleum Bahrai; Telpico; Emerald Energy; NCT-Suelopetrol; and Reliance Exploration and Production.

Companies authorized to participate in the round, but not as operators, include: Hupecol; Petropuli; and Columbus Energy.

Companies that did not receive prequalification to participate in the round include: China's CNPC; Sinochem; Petro Andina; C&C Energy; Canacol Energy; and Rancho Hermoso.

ANH had sold 40 data packages for the round as of late August.

http://www.bnamericas.com/news/oilandgas/ANH_prequalifies_majors_for_Colombia_round1

Emerald Energy Plc

30 September 2008

Khurbet East Field Update, Block 26, Syria




Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the following update on activities in Block 26, Syria, following notification from the Operator.




Oil production from the Khurbet East field continues at levels of approximately 11,500 barrels per day and these levels are expected to continue until the end of 2008.




As a result of the early field performance, work is now underway to expand the capacity of the processing facilities to 18,000 barrels per day as an interim expansion prior to the full field development of the Khurbet East Field. This interim expansion of capacity is expected to be implemented by the end of 2008.




Emeralds' Chief Executive Officer, Angus MacAskill, said:




'We are very pleased with the early performance of the Khurbet East field which has exceeded expectations, and look forward to the results of the interim expansion of the facilities processing prior to full field development.'







Enquiries: Lisa Hibberd 020 7925 2440

Just another great piece of news from EEN, it does seem to be gathering strengh
as a company. Looking back at recent news i feel we could get a couple of drilling
results in the next 4-6 weeks, Vigra 7(Sept2nd) is a production well so no need to inform us,usual 50/60 days and of course we have further Syrian well being drilled
which could be as early as late Oct?
cyril

niceonecyril

from 30/9/08 PDF
further 3 wells by end 2008


2008 H2
Drill Yousefieh-1 exploration well

Drill 1-2 KHE step out wells to N & S

http://www.gulfsands.net/i/pdf/GPX_interim_results_2008-09-30.pdf

niceonecyril

Can you put the PDF in Header please

Syria : Khurbet East
slide 7
Currently
11,500 bopd 25.7 API oil from 5 wells Water-free production allows
throughput nominal nameplate capacity
Stabilised oil trucked 33 km to SPC facilities

H2 2008
Expand EPF to 18,000 bpd, costs on similar basis to existing EPF
Drill Yousefieh-1 exploration well
Drill 1-2 KHE step out wells to N & S

slide 5
Production
Syria: Flat at current rates (5,750 bopd WI) to year end (EPF expansion effective 2009)
The 5,750bopd GPX share of the 11,500bopd.

The graph on slide7 show production around 12,000bopd

http://www.gulfsands.net/i/pdf/GPX_interim_results_2008-09-30.pdf

DFGO; I dont know why, but it fails to come up and redirects to the home page?
And this seems to be the case in all other GPX news releases.
cyril

cyril

The link works

http://www.gulfsands.net/i/pdf/GPX_interim_results_2008-09-30.pdf

cyril

I hope these work



http://www.gulfsands.net/i/pdf/GPX_CorpPres_2008-08-21.pdf

http://www.gulfsands.net/i/pdf/Presentation-20070518.pdf

cyril

the links in 235 and 237 are working


Feb and June don't

Emerald Energy is clearly too expensive at 380p in this market.

EEN is a SELL.

You shorting these as well as DGO?

DFGO managed to get the update to work.
cyril

DFGO managed to get the update to work.
cyril

niceonecyril

thanks you

hyloe,maggiebt4
you should do your research

I have held Emerald since 1999
bought @ 20p [0.2 before 100 to 1 consolidation] and have added

Emeralds 1H 2008 Results : Comparatives
on production from Colombia only
Colombia average gross production of 2,901 bopd
Emerald net entitlement of 1,621 bopd 2008 .
........................1H 2008.. 1H 2007 .....1H 2008 ...FY 2007
.........................$ '000 .....$ '000 ..vs ..1H 2007... $ '000
Revenue ............29,592... 20,687.......... 43% .....44,357
Operating Profit ..19,385..... 7,709 ..........151% .....8,337
Adjusted EBITDA..20,066 ..14,424........... 39% ....30,092
Profit before tax..18,962... 8,289 ............129%.... 8,589
Period profit ......12,444.................................... 4,105

$48mil cash in bank

Since end of June Emerald have added 1,850bopd in Colombia with Vigia#5 and
Vigia#6, Emerald get 100% of production Vigia -8% royalty
Vigiast4 production well currently being drilled

Since September Emerald are getting 5,750bopd from Syria @ $64.50 during cost
recovery and $33 per barrel after cost recovery net to emerald all tax paid

During cost recovery
5,750bopd brent @ $105 Emerald get $63.50 = $365.125per day = $10,953,750 per
30 days net to Emerald.

After cost recovery
5,750bopd brent @ $105 Emerald get $32 = $184.000per day = $5,520,000 per
30 days net to Emerald.

From January Emerald Syria share 9,000bopd

DFGO think I mislead you with last post I'm long on these have held for some time.
Read another post from Hyleo that was predicting another O&G stock was tanking that he was shorting so thought I'd point that out. Not successfully it seems.
Think these have great potential.

360p...was 380p yesterday.

Which O&G was I wrong, Maggie? I don't think so myself

hlyeo

can you exspand on why Emerald are to expensive

Emerald are LSE listed not AIM

Didn't say you were wrong merely said you were shorting other O&G, DGO if memory is right and if it is, in DGO's case you are right so far.

maggiebt4

Your right EEN have a long way to go yet

possibly 40.000bopd from syria next year 20,000bopd EEN share

Good chance Gigante #2 drill early next year

as always dyor

October 07, 2008
Drilling Commences on Yousefieh-1 Exploration Well

--------------------------------------------------------------------------------

London, 7th October 2008: Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" - AIM: GPX), the oil and gas production, exploration and development company with activities in Syria, Iraq, and the U.S.A., is pleased to announce that drilling operations have commenced on the Yousefieh-1 exploration well in Block 26.

The Yousefieh-1 well is planned to be drilled to a total vertical depth of approximately 2300 meters, and will target Cretaceous aged reservoirs identified within a structure located immediately adjacent to the Khurbet East Oil Field. The well is designed to evaluate the potential of a newly identified play type within the Cretaceous reservoir system.

The Yousefieh-1 well is located very close to existing infrastructure, with the surface location of the well lying within 3 kilometers of the Khurbet East Early Production Facility (EPF).

The Company expects that drilling operations will be completed within 45 days.





http://www.gulfsands.net/s/NewsReleases.asp?ReportID=321790

This is a great little oil company...but the market is running against oil companies at the moment.....many small companies have discovered oil or gas (ex> : RIFT, AEX, HAWK, PTR, MRS, etc...to name but a few); but all of them have had their sp knocked down !.... . The question is : Whether to stay put (if you are still in or to bail out or even to buy ?), myself, I'm praying for an oil price recovery !.I still think EEN's sp will start to go up again sooner or later !.

Drilling Commences on Yousefieh-1 Exploration Well (Emerald Energy)




RNS Number : 1234F
Emerald Energy PLC
06 October 2008

Emerald Energy Plc

6 October 2008

Yousefieh No.1 Exploration Well, Block 26, Syria

Emerald Energy Plc ("Emerald" or the "Company") would like to provide the following update
on activities in Block 26, Syria.

Drilling operations have commenced on the Yousefieh No.1 exploration well in Block 26.

The Yousefieh No.1 well is designed to evaluate the potential of a new exploration play
identified from the 3D seismic survey acquired
last year over the Khurbet East field and nearby areas. The well is planned to target
Cretaceous aged formations within a structure located
to the east of the Khurbet East field and the surface location of the well will be
approximately 3 kilometres from the processing facilities
in the field.

The Yousefieh No.1 well is expected to have a total drilling depth of approximately 2,300
metres and take approximately 45 days to drill
and evaluate.

Emeralds' Chief Executive Officer, Angus MacAskill, said:

"We are pleased with the continued progress in evaluating the exploration potential of
this large block and look forward to the results
of this exploration well."

Rebounding nicely....long may it continue.....if oil were to recover, this would rocket !, one of my favourite shares, I have to say !.

Good news, this means inflation will soon come down ...


Oil prices drop below 74$

LONDON (AFP) Oil prices fell below 74 dollars a barrel on Wednesday as fears of recession raised concerns about an extended drop in energy demand, traders said.

Brent North Sea crude for November delivery dropped 79 cents to 73.74 dollars a barrel, adding to a slide of 2.93 dollars recorded on Tuesday in London.

New York's main contract, light sweet crude for November, shed 80 cents to 77.83 dollars after slumping by 2.56 dollars on Tuesday.

At Wednesday's price level Brent crude was half its record high of 147.50 dollars reached in July, owing to lingering worries about falls in energy demand.

A top US central banker, Janet Yellen, said Tuesday that the United States "appears to be in a recession." There are also growing fears Japan and Europe are heading for a spell of economic stagnation or recession.

The German economy is heading for a slowdown, but the downturn will not be a long-lasting one, Chancellor Angela Merkel said Wednesday.

Markets were meanwhile awaiting the latest weekly snapshot of US energy inventories due Thursday, which is set to reveal the nature of current demand for oil in the world's biggest consumer of crude.

The Department of Energy's latest data on inventories has been delayed a day owing to a public holiday in the United States earlier this week.

http://www.investegate.co.uk/Article.aspx?id=200810200700081598G

Looking strong for the future upturn?
cyril

Good update, but many a time this stock will shoot up only to come down again ! it will come right sooner or later......I can see this stock being north of 5 at some stage !, it might take 2 years but I'm in no hurry ; I'm in for the long haul !.

Yousefieh No.1 Exploration Well Update, Block 26, Syria

Emerald Energy Plc ('Emerald' or the 'Company') provides the following update on progress in the Yousefieh No.1 exploration well in Block 26, Syria, following notification from the Operator.

The commencement of drilling operations on the Yousefieh No.1 exploration well, with an expected total drilling depth of 2,300 metres, was announced on 6th October 2008.

Oil shows were observed while drilling a target Cretaceous formation at approximately 1,940 metres. Coring operations were conducted and the recovered cores indicated the presence of oil in the formation.

The remaining programme, which will include drilling to the expected total drilling depth of 2,300 metres, wireline logging and possibly production testing, is expected to take up to two weeks to complete.

Emeralds' Chief Executive Officer, Angus MacAskill, said:

'While encouraging, the results to date are not sufficient to determine at this point either the size or commercial potential of an oil accumulation. We look forward to the results of the complete data acquisition programme in this well.'


Positive without being conclusive i would say,but at least theirs oil to test so feeling quietly confident. So looking forward to the well completing to total depth,
its main target and then testing?
cyril

Good news....even if this well is not commercial.....their knowledge of the nearby geology will have been greatly enhanced probably enough to allow a second well to be perforated close by if necessary......so in the short term at least, the sp will rise !.

I've altered the above RNS to the corrected date of 6th October (not Sept)
cyril

niceonecyril
The Gulfsands RNS gives a lot more information about Khurbet East Field than the
Emerald Energy RNS

A re-evaluation of the Khurbet East Field reserves will
be undertaken by RPS Group Plc as of year-end 2008, with results
expected in Q1 2009.

Immediate Release 5 November 2008


GULFSANDS PETROLEUM PLC
YOUSEFIEH-1, BLOCK 26, SYRIA.
OPERATIONS UPDATE
Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" -
AIM: GPX), the oil and gas production, exploration and development
company with activities in Syria, Iraq, and the U.S.A., is pleased to
provide the following update on the drilling of the Yousefieh-1 well
in Block 26, Syria, where Gulfsands is operator and an update on
production from the Khurbet East Field (the "Khurbet East Field" or
the "Field") and our Gulf of Mexico operations:

YOUSEFIEH 1 WELL, BLOCK 26, SYRIA:

The Yousefieh-1 well has encountered the target Cretaceous formation
at approximately 1940 metres vertical depth. The formation was
encountered at a slightly shallower depth than was projected prior to
the commencement of drilling.

Core sampling operations over this reservoir section were
successfully completed and together with oil recovered during
drilling operations, have indicated the presence of oil.

The recovered cores will be further evaluated and analysed by the
Company's consultants in Egypt.
Following completion of these activities the Company will resume
drilling to the original target depth of approximately 2300 meters.
The Company intends to run a complete logging programme on the well
once drilled to target depth and expects drilling and testing
operations will be completed within two weeks.
The Yousefieh-1 well is targeting Cretaceous aged reservoirs
identified within a structure located immediately adjacent to the
Khurbet East Field and was designed to evaluate the potential of a
newly identified play type within the Cretaceous reservoir system.
The well is located very close to existing infrastructure, with the
surface location of the well lying within 3 kilometers of the Khurbet
East Early Production Facility (EPF).

KHURBET EAST FIELD, BLOCK 26, SYRIA:
During October, the results of the pressure monitoring survey
conducted in September on the Khurbet East field have been further
evaluated. When taken in conjunction with the production performance
of the Field, these suggest that the Massive reservoir parameters may
be better than was estimated at the time of development approval last
February. This, combined with the negligible amount of produced
water in the Field thus far, indicates that the Field reserves may be
understated.
A re-evaluation of the Khurbet East Field reserves will
be undertaken by RPS Group Plc as of year-end 2008, with results
expected in Q1 2009.
During the month of October, additional pressure monitoring work was
carried out to further assess the performance of the Field's
reservoir which involved the shutting in of each of the producing
wells. During uninterrupted production, the Field continued to
average in excess of 11,000 bopd from 5 wells (2 horizontal and 3
vertical producers) with only trace amounts of water.
To 31st October 2008 over 840,000 barrels of oil have been produced
from the Field. Gulfsands invoices for oil produced and delivered to
the oil processing facilities of the Syrian Petroleum Company on a
monthly basis and Gulfsands has received payment for all invoiced oil
on a timely basis following marketing of the oil by the Government of
Syria in accordance with the provisions of the contract for the
Exploration and Development and Production of Petroleum (the
"Contract") under which Gulfsands is operating in Syria. Oil sales
have been achieved at prices in line with historic pricing of Syrian
Souedieh blend which historically has averaged a discount of
approximately 11 per cent to the price of Brent crude

10 November 2008

Colombia - Capella No.2 Well Result and Ombu Farmout Agreement Amendment

Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the following update on operations in Colombia.

Capella No.2 Well Result

Drilling and evaluation operations have been completed on the Capella No.2 well in the Ombu block, and the well has been tested at a total cold flow rate of 345 barrels of oil per day.

Drilling of the well commenced on 1st October and reached its total depth of 550 feet on 19th October. The well was located approximately 1.3 kilometres from Capella No.1, the first discovery well in the block, and had the objective of evaluating the Eocene aged Mirador sands that were flow tested at a total rate of 240 barrels of oil per day in the Capella No.1 well.

Hydrocarbon shows were encountered while drilling the target formation, coring operations were conducted recovering approximately 84 feet of reservoir interval, and wireline logging indicated the presence of 163 feet of potential hydrocarbon bearing intervals.

The lower 140 feet of potential hydrocarbon pay was flow tested, uncased in open hole, using a progressive cavity mechanical pump. During this testing over a period of 4 days, the production stabilised at a rate of approximately 145 barrels per day of 10.5 degree API gravity oil with a water cut of approximately 4% which may have been the return of drilling fluids lost to the formation while drilling. The lower open hole section was subsequently isolated with a retrievable bridge plug so that it may be re-entered later.

The upper 23 feet of potential hydrocarbon pay, isolated behind casing, was perforated and flow tested, also using a progressive cavity mechanical pump. During this testing over a period of 2 days, the production stabilised at a rate of approximately 200 barrels per day of 10.5 degree API gravity oil with a water cut of approximately 10% which, again, may have been the return of drilling fluids lost to the formation while drilling.

Following the completion of the flow testing, the bridge plug between the tested zones was removed and the well was configured for longer term production testing with both zones available for production.

The Company has, based on this further encouraging result, decided to drill the Capella No.3 well, the first deviated well to be drilled in the block, with a surface location adjacent to the Capella No.1 vertical well and penetrating the reservoir approximately 340 metres away. The objectives of this well are to appraise the area near Capella No. 1, evaluate the potential to enhance production by using deviated wells that expose a longer reservoir section for production, and may also include the evaluation of thermal recovery methods. Drilling of the Capella No.3 well will commence once the rig has been mobilised to the location and the well is expected to take up to two months to drill, evaluate and flow test.

Amendment to Ombu Farmout Agreement

Emerald and Canacol Energy Inc. ('Canacol') have entered into an amendment of the farmout agreement announced on 14th July 2008 such that Canacol's working interest in the Ombu block will be fixed at 10% and Canacol will no longer be able to increase its working interest above this level. Canacol is paying 100% of the cost of drilling, evaluating, and production testing of the Capella No.1 well to earn the 10% working interest in the block, subject to the approval of the ANH, the National Hydrocarbon Agency of Colombia, and will pay 10% of all costs thereafter.

Emerald's Chief Executive Officer, Angus MacAskill, said:

'We are very pleased with the results of the Capella No.2 well, demonstrating the presence of oil over 1 kilometre away from the Capella No.1 well and a total cold flow rate of approximately 345 barrels of oil per day, over 40 percent higher than in the Capella No.1 well. We look forward to the results of the Capella No.3 well, the first deviated well to be drilled in the block.'

cyril

GULFSANDS PETROLEUM PLC
OIL DISCOVERY AT YOUSEFIEH-1, BLOCK 26, SYRIA.
PRODUCTION MILESTONE AT KHURBET EAST OIL FIELD, SYRIA

London, 19th November 2008: Gulfsands Petroleum plc ("Gulfsands",
the "Group" or the "Company" - AIM: GPX), the oil and gas production,
exploration and development company with activities in Syria, Iraq
and the U.S.A., is pleased to announce an oil discovery at the
Yousefieh-1 well in the Gulfsands' operated Block 26, Syria. In
addition, the Company is delighted to confirm that cumulative oil
production from the Khurbet East Field (the "Field") has now exceeded
one million barrels.
YOUSEFIEH-1 OIL DISCOVERY:
The Yousefieh-1 well, located approximately 3 kilometres from the
Khurbet East Early Production Facility in Block 26, Syria, has
encountered 63 metres of net oil pay in the target Cretaceous
reservoir system and flowed oil to surface under natural flow at
approximately 900 barrels of oil per day ("bopd").
Yousefieh-1 well was drilled to a total vertical depth of 2139 metres
and encountered the target Cretaceous reservoirs at a slightly
shallower depth than the pre-drill prediction and based on
preliminary wire-line log evaluation, the well encountered an oil
column of approximately 64 metres, with approximately 63 metres of
net oil pay and average porosity of 18.6%.
A drill stem test ("DST") was conducted over the top 19 metre
interval, flowing oil to surface under natural flow and through a
48/64 inch choke, at an average rate of approximately 900 barrels per
day over a 3 hour period with no water produced. While preparing for
the main flow period of the DST, the well produced, with the
assistance of gas lift, at an average rate of approximately 1,450
barrels per day through a 95/64 inch choke over a 3 hour period. The
preliminary results of the test indicate very good reservoir
permeability.
Preliminary well site analyses indicate the oil gravity is
approximately 23 degrees API, similar to the on-site analysis carried
out upon discovery of oil at KHE-1. Core recovery operations were
successfully completed over the entire reservoir interval and the
information obtained from these cores, together with the wire-line
log information and results of the DST will provide valuable
information for the further appraisal of this discovery.
The Yousefieh-1 well was an exploration well designed to evaluate a
stratigraphic trap in this portion of Block 26 unlike the structural
trap of the Khurbet East Field. The Company is currently preparing
plans to undertake an extensive 3D seismic data acquisition programme
to assist in the delineation of leads and prospects in the areas
surrounding the Khurbet East Field and the Yousefieh-1 discovery.
The Yousefieh-1 well will now be suspended and the rig moved to the
Khurbet East Field to drill a delineation well at the north end of
the Khurbet East Field with the aim of establishing the oil water
contact and also with the potential to be used later as a water
disposal well. A more extensive production testing programme over the
reservoir section of the Yousefieh well is expected to commence in
the next few weeks.
KHURBET EAST FIELD, BLOCK 26, SYRIA:
Production of oil from the Khurbet East Field has just passed an
important milestone with confirmation over the recent weekend that
production from t

Yousefieh No.1 Discovery




The Yousefieh No.1 exploration well, located approximately 3 kilometres from the early production facilities in the Khurbet East field, has encountered 63 metres of net oil pay in the target Cretaceous aged formations and flowed oil to surface, under natural flow, at approximately 900 barrels of oil per day.




The Yousefieh No.1 well was drilled to a total depth of 2,139 metres and based on preliminary wire-line log and core evaluation, encountered at a depth of around 1,940 metres an oil column of approximately 64 metres in the target Cretaceous aged formations, with approximately 63 metres of net oil pay having an average porosity of 18.6%.




A flow test was conducted over the top 19 metre interval, flowing oil of approximately 23 degrees API gravity to surface, under natural flow and through a 48/64 inch choke, at an average rate of approximately 900 barrels per day over a 3 hour period with no water produced. While preparing for the natural flow test, the well produced, with the assistance of gas lift, at an average rate of approximately 1,450 barrels per day through a 95/64 inch choke over a 3 hour period. The preliminary results of the test indicate very good reservoir permeability.




Coring operations were conducted across the complete reservoir interval with very good recovery. This information, together with that obtained from the logging and testing operations will be used to evaluate the discovery and prepare an appraisal programme.




The Yousefieh No.1 well was designed to evaluate a new exploration play identified on the 3D seismic data acquired in 2007 over and around the Khurbet East field. Following this early success on the play, the joint venture is planning to acquire additional 3D seismic data to assist in the identification of further prospects and leads in this play in the areas surrounding the Khurbet East field and Yousefieh discovery.




The Yousefieh No.1 well will be suspended and the rig moved to drill a delineation well at the north end of the Khurbet East field with the aim of establishing the oil water contact and also with the potential to be used later as a water disposal well.




Following the evaluation of the data acquired on the Yousefieh No.1 well, a smaller workover rig may be moved to this well to conduct more extensive well testing.




Khurbet East Field Production




The Khurbet East field continues to produce at an average daily oil rate of approximately 11,500 barrels per day from 5 wells (2 vertical and 3 horizontal producers) with only trace water production and cumulative oil production from the field has now exceeded one million barrels.




Pressure monitoring operations conducted in producer wells in October indicate that there has been only minimal reservoir pressure reduction in the Khurbet East field. This information, along with the production history and data acquired in the field to date will be included in the field reserves updated planned to be completed in the first quarter of 2009.







Emerald's Chief Executive Officer, Angus MacAskill, said:




'We are delighted with the results of the Yousefieh No.1 well, the first on this exciting new exploration play and look forward to the results from both the appraisal of this discovery and from the acquisition of further 3D seismic data in the area. We are also very pleased with the excellent performance of the Khurbet East field and the achievement of the milestone of the first million barrels from this field.'
cyril

Yousefieh No.1 Exploration Well Result, Block 26 (Emerald Energy)




RNS Number : 4363I
Emerald Energy PLC
19 November 2008


Emerald Energy Plc

19 November 2008


Yousefieh No.1 Exploration Well Result, Block 26, Syria

Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide the following update
on operations in Block 26, Syria.

Yousefieh No.1 Discovery

The Yousefieh No.1 exploration well, located approximately 3 kilometres from the early
production facilities in the Khurbet East field,
has encountered 63 metres of net oil pay in the target Cretaceous aged formations and flowed
oil to surface, under natural flow, at
approximately 900 barrels of oil per day.

The Yousefieh No.1 well was drilled to a total depth of 2,139 metres and based on
preliminary wire-line log and core evaluation,
encountered at a depth of around 1,940 metres an oil column of approximately 64 metres in the
target Cretaceous aged formations, with
approximately 63 metres of net oil pay having an average porosity of 18.6%.

A flow test was conducted over the top 19 metre interval, flowing oil of approximately 23
degrees API gravity to surface, under natural
flow and through a 48/64 inch choke, at an average rate of approximately 900 barrels per day
over a 3 hour period with no water produced.
While preparing for the natural flow test, the well produced, with the assistance of gas lift,
at an average rate of approximately 1,450
barrels per day through a 95/64 inch choke over a 3 hour period. The preliminary results of
the test indicate very good reservoir
permeability.

Coring operations were conducted across the complete reservoir interval with very good
recovery. This information, together with that
obtained from the logging and testing operations will be used to evaluate the discovery and
prepare an appraisal programme.

The Yousefieh No.1 well was designed to evaluate a new exploration play identified on the
3D seismic data acquired in 2007 over and
around the Khurbet East field. Following this early success on the play, the joint venture is
planning to acquire additional 3D seismic data
to assist in the identification of further prospects and leads in this play in the areas
surrounding the Khurbet East field and Yousefieh
discovery.

The Yousefieh No.1 well will be suspended and the rig moved to drill a delineation well at
the north end of the Khurbet East field with
the aim of establishing the oil water contact and also with the potential to be used later as
a water disposal well.

Following the evaluation of the data acquired on the Yousefieh No.1 well, a smaller
workover rig may be moved to this well to conduct
more extensive well testing.

Khurbet East Field Production

The Khurbet East field continues to produce at an average daily oil rate of approximately
11,500 barrels per day from 5 wells (2
vertical and 3 horizontal producers) with only trace water production and cumulative oil
production from the field has now exceeded one
million barrels.

Pressure monitoring operations conducted in producer wells in October indicate that there
has been only minimal reservoir pressure
reduction in the Khurbet East field. This information, along with the production history and
data acquired in the field to date will be
included in the field reserves updated planned to be completed in the first quarter of 2009.



Emerald's Chief Executive Officer, Angus MacAskill, said:

"We are delighted with the results of the Yousefieh No.1 well, the first on this exciting
new exploration play and look forward to the
results from both the appraisal of this discovery and from the acquisition of further 3D
seismic data in the area. We are also very pleased
with the excellent performance of the Khurbet East field and the achievement of the milestone
of the first million barrels from this
field."


Enquiries: Lisa Hibberd 020 7925 2440

Emerald a buy with 7.50 target

"Jefferies International initiates coverage of UK exploration and production stocks. Starts Afren (AFR.LN), Cairn Energy (CNE.LN), Emerald Energy (EEN.LN), Premier Oil (PMO.LN) and Tullow Oil (TUWLY) at buy.
Has Sibir Energy (SBE.LN) at hold.

Says Emerald Energy is the top recommendation and is an overlooked growth story with significant upside potential through exploration and appraisal drilling. With regards to the sector says, "valuations in the E&P sector offer a unique opportunity to build positions in deeply oversold stocks, while gaining exposure to a long-term oil price outlook that remains positive."

More good news !.....more production to come !, shame oil price is not higher otherwise the sp would be twice what it is now !.

Drilling Campo Rico No.5 Production well

Drilling the Capella 3 well
The first deviated well to be drilled in the block,with a surface location adjacent to the Capella No.1 vertical well and penetrating the reservoir approximately 340 metres away.
The objectives of this well are to appraise the area near Capella No. 1, evaluate the potential to enhance production by using deviated wells that expose a longer reservoir section for production.

Emerald is currently evaluating tenders for a suitable drilling rig and expects the Gigante No.2 development well to the producing Tetuan formation to spud before the year end.
In addition, Emerald, at its own cost, will deepen the well to the prospective Caballos horizon where the Company believes the target reservoir may contain 15 million barrels of recoverable hydrocarbon resource.

Drilling of the exploration wells in the Maranta and Jacaranda blocks is also expected to commence towards the end of 2008 following the completion of the regulatory permitting process and site preparation

The graph shows a rising trend here...should crude rise a little say up above $60, this may rise a lot !.

From Emerald Energy partener Gulfsands Petroleum 4/12/08 Brokers note

Going forward exploration activity in the South West of Block 26 has potential to add both significant reserves and production from the more structurally complex but more numerous Dolomitic reservoir units.

Rating
We believe GPX makes a convincing investment proposition both now and for the medium term. From Khubert East the company is already producing at a stabilised rate of ~11,000bbl/d.

Full exploitation of Block 26 would see GPX become a significant oil production company; we anticipate production levels of around 50,000bbl/day by 2012 with potential 1P reserves of ~300MMbbls.

Current Operations Update
Syria
After the recently completed Yousefieh-1 well, GPX plans to drill an additional 1-2 step-out wells in 1H09 to appraise fully the target Cretaceous reservoir units.
By 2009 the Syrian Petroleum Company will begin commissioning additional capacity for the EPF; GPX will only bear the additional rental payments once the new facilities are in use.

In addition to the construction of new infrastructure to develop Khubert East from its current 11,500bbl/d production capacity, GPX believes there is further exploration potential in the south-west of Block 26 within fractured Dolomitic limestone reservoir units.

GPX intends to shoot new 3D seismic over this area in 2009, aimed at creating a detailed exploration prospect inventory that will form the basis of a future exploration drilling programme.

GPX may look to move into a more active phase of exploration in the south-west region in 1H09.

It is understood that the geology in this area is structurally more complex, with an increased fault density; this would create smaller, but more numerous, compartmentalised hydrocarbon accumulations.




www.mediafire.com/?2et4fnui0ss


Cyril

Edit I can not get link to work

RNS Number : 5529K
Emerald Energy PLC
22 December 2008



Emerald Energy Plc




22 December 2008




Drilling Report : Gigante No.2 Well, Matambo Block, Colombia




Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the following update on operations in Colombia.




Drilling of the Gigante No.2 well has commenced. Gigante No.2 is planned primarily as a development well in the currently producing Tetuan reservoir. Located close to the crest of the structure, this well is expected to be approximately 250 feet higher than the existing Gigante No.1A well. The Company expects Gigante No.2 to recover approximately 4 million barrels of existing oil reserves from this reservoir, with initial rates similar to the rate of 3,000 barrels of oil per day experienced in the early production from the Gigante No.1A well.




The cost of the well to the Tetuan reservoir will be shared equally between Emerald and Ecopetrol S.A. ('Ecopetrol'), the Colombian oil company with a 50% interest in the Gigante field. In addition, Emerald, at its own cost which is expected to be approximately $2 million, will deepen the well to the prospective Caballos formation approximately 120 feet below the Tetuan reservoir to evaluate the exploration potential of this deeper horizon. The Company estimates the Caballos formation may contain 15 million barrels of unrisked recoverable resources. In the event of success, Ecopetrol has the right, under the Association Contract, to participate at a 50% interest in development of the Caballos formation by reimbursing a 50% share of exploration costs.




Gigante No.2 is expected to have a total drilling depth of approximately 16,000 feet and take approximately 6 months to drill and evaluate. The total cost of the well is expected to be approximately $36 million, with Emerald paying $19 million and Ecopetrol paying $17 million.




Prior to the end of the third quarter of 2008, Emerald had pre-invested approximately $5 million in site preparation and materials for the project. The Company therefore expects that Emerald's remaining expenditure for the Gigante No.2 well will be approximately $14 million.




The Gigante No.2 well forms part of the Company's 2008/2009 capital investment programme, all of which is expected to be funded from existing cash and cash generated from operations.




The Gigante field, located in the Matambo block in the Upper Magdalena Valley, commenced production in 1999 from the Gigante No.1A well and has subsequently produced over 2.75 million barrels of oil with a current production rate of approximately 950 barrels of oil per day.







Emerald's Chief Executive Officer, Angus MacAskill, said:




'We are delighted to have started drilling this well with our partner, Ecopetrol. The well has the potential to materially add to both the production and the reserves of the Company, and we look forward to the results towards the middle of 2009.'







Enquiries: Lisa Hibberd 020 7925 2440

Emerald starts new well
MoneyAM
Emerald Energy said this morning that drilling of the Colombian Gigante No.2 well has commenced.

The Gigante No.2 well in Colombia is planned primarily as a development well in the currently producing Tetuan reservoir. Located close to the crest of the structure, this well is expected to be approximately 250 feet higher than the existing Gigante No.1A well. The Company expects Gigante No.2 to recover approximately 4 million barrels of existing oil reserves from this reservoir, with initial rates similar to the rate of 3,000 barrels of oil per day experienced in the early production from the Gigante No.1A well.

The cost of the well to the Tetuan reservoir will be shared equally between Emerald and Ecopetrol, the Colombian oil company with a 50% interest in the Gigante field. In addition, Emerald, at its own cost which is expected to be approximately $2m, will deepen the well to the prospective Caballos formation approximately 120 feet below the Tetuan reservoir to evaluate the exploration potential of this deeper horizon. The Company estimates the Caballos formation may contain 15 million barrels of unrisked recoverable resources. In the event of success, Ecopetrol has the right, under the Association Contract, to participate at a 50% interest in development of the Caballos formation by reimbursing a 50% share of exploration costs.

Gigante No.2 is expected to have a total drilling depth of approximately 16,000 feet and take approximately 6 months to drill and evaluate. The total cost of the well is expected to be approximately $36m, with Emerald paying $19m and Ecopetrol paying $17m.

Emerald's CEO, Angus MacAskill, said: 'We are delighted to have started drilling this well with our partner, Ecopetrol. The well has the potential to materially add to both the production and the reserves of the Company, and we look forward to the results towards the middle of 2009.'

DFGO, i've added the latest RNS to the header, 6 months is a long time so market
will discard at this minute. More short term is CR5 and Capella3, both i believe are
imminent?
cyril

merry xmas to everyone.

copied from advfn

Emerald Energy announces investments by US$100 million

Oil the English Emerald Energy, with present investments in the Caguán (Caquetá), Magdalena and Putumayo, ratified its confidence as investor in the country and announced for 2009 investments by U$100 million.
The announcement was done by Angus MacAskill, president of the company, to ambassador Noemí Sanín, according to informed by means of a bulletin the Colombian chancellery.

During the encounter realised in the embassy of Colombia in London, MacAskill emphasized the commitment and the confidence that the oil one has in the country, and expressed that the policies and the guarantees that the Government has offered to the foreign investors to them he has motivated them, not only to maintain its present investments, but to continue looking for new explorations.

“We have a strong relation of work with Colombia and are very happy for being able to continue working there. Without concerning the present economic situation, we will continue investing in Colombia”, said MacAskill.

Also, it was declared pleasingly surprised by the high level of the executives, Colombian engineers and technicians who work for their company.

Elespectador.com

http://www.elespectador.com/noticias/negocios/articulo94360-emerald-energy-anuncia-inversiones-us100-millones

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6 months !, that is a hell of a long time to drill a well and the cost is staggering !,....anyway still a very good mid cap oilie this one,....Merry Christmas to all bloggers and everybody at Money AM !.

RF they are drilling into a proven field, which is possibly a lot larger than stated?
It was producing around 4000bopd before a massive explosion and has limped along
at around 1000bopd of high quality oil from a repaired well. If they can produce the levels of production it will be money well spent,the results will determine whether a 3rd well would be worthwhile?
One of my more successful companies for 2008, starting at around 188p and
holding up extremely well in todays market. Shows with careful research and patience their are bargains out there, DGO is similar to EEN\'s position at the start of the year along with PURE will hopefully make 2009 a profitable one?
Yes, Happy Christmas to all.
Can i add LDP to my picks.
cyril

Emerald now promoted to FTSE250

Emerald Energy (UK B01NJN3) will be added to the index with a shares in issue total of 59,592,994 and an investability weighting of 100%

RNS Number : 6600L
Emerald Energy PLC
15 January 2009

?
Emerald Energy Plc


15 January 2009


Operations Update


Emerald Energy Plc ("Emerald" or the "Company") would like to provide the
following update on operations in Block 26, Syria.


Khurbet East No.7 Well


Drilling operations have been completed at the Khurbet East No.7 well in the
Khurbet East field. The well was designed to delineate the north of the field,
establish the oil-water contact and to have the potential to be used later as a
water disposal well.


The well was drilled to a total depth of 2,060 metres and encountered the top of
the Cretaceous Massive reservoir at approximately 1,978 metres. Good hydrocarbon
shows were encountered across a 7 metre interval while drilling into the
reservoir and gradually diminished over the next 13 metres.


The reservoir porosities encountered in the Khurbet East No.7 well were measured
mainly in the range of 5% to 10%, significantly lower than the exceptional
reservoir quality encountered in the central portion of the field where
porosities are in the range of 16 to 20%. Variations in reservoir properties
such as these are not unusual in carbonate reservoir systems and this new
information, combined with the production history to date, will be important in
developing a more refined reservoir model.


Preliminary analysis of the wireline logs is unable to directly establish an
oil-water contact due to the generally higher resistivities measured in lower
porosity reservoirs. Although the oil-water contact was not directly determined
by the wireline logs, preliminary analysis of these logs and the drilling data
together indicates that the oil-water contact in the field may be slightly
deeper than previously interpreted.


The Khurbet East No.7 well was not production tested and was suspended for
further evaluation in the future, which may include production testing, or for
later use as a water disposal well.

3D Seismic Survey


The acquisition of a 640 square kilometre 3D seismic survey has commenced. This
survey is designed to provide contiguous data coverage over a large area
surrounding the recent Khurbet East and Yousefieh oil discoveries, complementing
the 3D seismic surveys acquired in this area in 2007. This survey will assist in
progressing the new exploration play that has been confirmed by the Yousefieh
discovery. The 3D seismic programme is expected to be completed in approximately
5 months, with final processed data available during the third quarter of this
year.


Emerald's Chief Executive Officer, Angus MacAskill, said:


"The information gained from the Khurbet East No.7 well will, when combined with
the excellent production performance to date, assist in better understanding
this field and contribute to the ongoing reserves re-evaluation due to be
completed in the first quarter of 2009. Acquisition of the 3D seismic survey is
an important step in building on the success of the Yousefieh discovery in the
new exploration play on Block 26."




Enquiries: Lisa Hibberd 020 7925 2440

This information is provided by RNS
The company news service from the London Stock Exchange
END

Emeralds partener in syria RNS
Immediate Release 15 January 2009



GULFSANDS PETROLEUM PLC

KHE-7 Drilling update
3D Seismic Programme

London, 15th January 2009: Gulfsands Petroleum plc ("Gulfsands", the
"Group" or the "Company" - AIM: GPX), the oil and gas production,
exploration and development company with activities in Syria, Iraq,
and the U.S.A., is pleased to announce that drilling operations have
been completed on the Khurbet East No 7 well ("KHE-7"), with an oil
column identified in this planned water disposal well located on the
northern limits of the Khurbet East Field within Syria Block 26. The
Company also announces the commencement of a 640 square kilometre 3D
seismic programme that is expected to assist the Company in
identifying additional opportunities in the area of Block 26 which
now includes the Khurbet East and Yousefieh discoveries.

Drilling update in Syria

The KHE-7 well was designed to provide geologic information on the
northern limits of the Khurbet East Field, establish the oil-water
contact and to be available to serve as a disposal well for the water
that is expected to be eventually produced in conjunction with oil
production from the Khurbet East Field.

The well was drilled to a total depth of 2,060 metres and encountered
the top of the Cretaceous Massive reservoir at approximately 1978
metres. Good oil shows were encountered while drilling through the
upper 7 metres of the reservoir and gradually diminished over the
next 13 metres.

The reservoir porosities encountered in the KHE-7 well were measured
to be mainly in the range of 5% to 10%, which are significantly lower
than the exceptional reservoir properties encountered in the central
portion of the Field where porosities are in the range of 16 - 20%.
Variations in reservoir properties such as these are not unusual in
carbonate reservoir systems and this new information, combined with
the production history to date, will be important in developing a
more refined reservoir model.

Preliminary analysis of the wireline logs has been unable to directly
establish an oil-water contact due to the generally higher
resistivities measured in this lower porosity reservoir. Although the
oil-water contact was not directly determined by the wireline logs,
preliminary analysis of these logs and the drilling data together
indicates that the oil-water contact in the field may be slightly
deeper and the field may extend further north than previously
interpreted.

A drill-stem test was not undertaken at KHE-7, but has been suspended
for further evaluation which may include production testing and
eventual use as a water disposal well. To date only trace amounts of
water have been produced from the Khurbet East Field.

3D Seismic Acquisition Programme

Acquisition has also commenced on a 640 square kilometre 3D seismic
programme that is designed to provide contiguous data coverage over a
large area surrounding the recent Khurbet East and Yousefieh oil
discoveries. The seismic data acquired will complement and expand the
area previously surveyed by 3D seismic and assist in delineating
already identified leads in the region and provide more information
on the new stratigraphic play that has been identified in an area
that now includes the Yousefieh discovery. The 3D seismic programme
is expected to be completed in approximately 5 months, with final
processed data available during the third quarter of this year

Gulf of Mexico Update

Oil and gas production from the Gulf of Mexico is continuing to
recover from the disruptions due to Hurricane Ike, with working
interest production now at approximately 950 barrels of oil
equivalent per day (boepd) approximately 50% of the rate prior to
the disruptions. Repairs to third party pipeline infrastructure are
ongoing, and a return to pre-hurricane production levels is not
expected until the second quarter.

This release has been approved by Richard Malcolm, Chief Executive of
Gulfsands Petroleum Plc who has a Bachelor of Science degree in
Geology with 29 years of experience in petroleum exploration and
management. Mr. Malcolm has consented to the inclusion of the
technical information in this release in the form and context in
which it appears.

Ric Malcolm, Chief Executive said:

"We are very pleased to have encountered oil in this well and with
the evaluation we have carried out to date, providing us with
valuable information on the characteristics of the reservoir in the
northern part of the Field. This represents a good start to the busy
year ahead. This important information and the continued remarkable
production performance of the Khurbet East Field ensures we are
looking forward with some anticipation to receipt of the reserves
re-evaluation which should be completed during the first quarter of
2009.

The data being acquired in the 3D seismic programme currently
underway is also going to be eagerly awaited as we expect it to
provide us with new information to enable us to pursue the new
stratigraphic play that has been identified by the Yousefieh-1 oil
discovery."

Steady progress ; that is the name of the game, and let's hope for an increase in crude price !.

EEN and GPX still making a good profit,oil will have to go good bit lower to be out of
profit

RNS Number : 9941L
Emerald Energy PLC
21 January 2009


Emerald Energy Plc

Yousefieh No.2 Appraisal Well Drilling Commences

Emerald Energy Plc ("Emerald" or the "Company") would like to provide the
following update on operations in Block 26, Syria.


Drilling operations have commenced at the Yousefieh No.2 appraisal well, located
approximately 1.8 kilometres east of the Yousefieh No.1 discovery well announced
in November 2008.


The Yousefieh No.1 discovery well encountered approximately 63 metres of net oil
pay in the Cretaceous aged reservoir and flowed oil to surface at a rate of 900
barrels per day, under natural flow, during a production test of a 19 metre
interval at the top of the reservoir.


The Yousefieh No.2 appraisal well is planned to be drilled to a total depth of
approximately 2,060 metres and take 45 days to drill and evaluate. The well will
target the same Cretaceous reservoir as encountered in the Yousefieh No.1
discovery well but close to the currently interpreted eastern limit of this
stratigraphic accumulation. The Company expects that a significantly thinner
reservoir section will be encountered at this location but it is believed that
the information on lateral variations in reservoir characteristics such as
reservoir facies, porosity and permeability will assist in refining
understanding of the reservoir and determining development plans.


The Yousefieh discovery is located close to existing infrastructure, with the
Yousefieh No.1 surface location approximately 3 kilometres from the production
facilities in the Khurbet East field.


Emerald's Chief Executive Officer, Angus MacAskill, said:


"We are pleased to be progressing rapidly with the appraisal of this exciting
discovery and look forward to the outcome from the first appraisal well."




21 January 2009




Enquiries: Lisa Hibberd 020 7925 2440

Emeralds partener in Syria Gulfsands RNS


Immediate Release 21 January 2009



Gulfsands Petroleum plc
Drilling Commences on Yousefieh-2 Appraisal Well

London, 21st January 2009: Gulfsands Petroleum plc ("Gulfsands",
the "Group" or the "Company" - AIM: GPX), the oil and gas production,
exploration and development company with activities in Syria, Iraq,
and the U.S.A., is pleased to announce that following the Yousefieh-1
oil discovery announced in November 2008, drilling operations have
commenced on the Yousefieh-2 appraisal well in Block 26.
The Yousefieh-2 well is planned to be drilled as a vertical well to a
total depth of approximately 2060 meters, and will target the
Cretaceous aged reservoirs found to be oil bearing in the Yousefieh-1
discovery well. The Yousefieh-1 well encountered approximately 63
metres of net oil pay (65 metres gross), and flowed oil to surface at
an average rate of 900 barrels of oil per day (bopd) on drill-stem
test over a 19 metre interval at the top of the reservoir. The
Yousefieh oil discovery established the presence of a new exploration
play in this area, and the Company believes that the recently
announced 640 square kilometer 3D seismic survey will identify
various exploration prospects some of which will be similar to
Yousefieh.
The Yousefieh-2 well is located approximately 1.8 kilometres east of
the Yousefieh-1 well, and near the currently interpreted eastern
limit of the accumulation. The Company expects the Yousefieh-2 well
to encounter a thinner reservoir section that will provide valuable
information on lateral variations in reservoir characteristics such
as facies, porosity and permeability in order to refine the geologic
model and to aid in determining reserves and future appraisal or
development well locations. The Yousefieh-1 discovery well is
located very close to existing infrastructure, with the surface
location of the well lying within 3 kilometers of the Khurbet East
Early Production Facility (EPF).
The Company expects that drilling operations will be completed within
45 days.
This release has been approved by Richard Malcolm, Chief Executive of
Gulfsands Petroleum Plc who has a Bachelor of Science degree in
Geology with 29 years of experience in petroleum exploration and
management. Mr. Malcolm has consented to the inclusion of the
technical information in this release in the form and context in
which it appears.

Nearly back to all time highs...doing well this one !.

Operations Update (Emerald Energy)





TIDMEEN

RNS Number : 2060M
Emerald Energy PLC
26 January 2009

?
Emerald Energy Plc


26 January 2009


Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide the
following update for its activities:


HIGHLIGHTS


* Appraisal of discovery at Yousefieh underway.
* Appraisal of Capella heavy oil discovery underway with 4 wells, in total,
drilled.
* Gigante No.2, designed to develop the Tetuan reservoir and explore the deeper
Caballos formation, is drilling ahead at approximately 6,200 feet with a target
total depth of 16,000 feet.
* Khurbet East field production averaged more than 10,000 bopd (gross) in Q4 2008.
* Colombia average production over 4,300 bopd (gross) during Q4 2008, after
development drilling.
* Production (quarterly average net entitlement) of over 6,000 bopd in Q4 2008.
* Cash balance of over $70 million (unaudited) at end of 2008.
* Active forward exploration and development programme funded from existing cash
and cash flow.



Syria


The Khurbet East No.7 delineation well, drilled in the north end of the field
indicates that the oil-water contact may be slightly deeper than interpreted
from previous information. The well has been suspended and may be used later as
a water disposal well. A revision to the Khurbet East reserves study for the
Massive reservoir completed in January 2008 is being undertaken utilising this
and other data including data acquired during early production.


The Yousefieh No.1 discovery well identified a 63 metre net oil pay column, the
upper 19 metres of which produced 900 bopd under natural flow during a
production test. Yousefieh No.2, the first appraisal of the discovery has been
spud and is designed to test the limits of the hydrocarbon accumulation.
Yousefieh No.1 identified a new geological play type in the area and the
acquisition of a 640 square kilometre 3D seismic survey has commenced with the
aim of exploring this play further.


Gross oil production to the end of 2008 totalled over 1.4 million barrels since
the start of production from the Khurbet East field in July 2008. During
December 2008, gross oil production averaged 9,432 barrels per day, reduced by
the execution of a previously planned reservoir and pressure monitoring
programme during the month.


Colombia


Development activity continues with 2 wells having commenced drilling in the
second half of December. The Campo Rico No.5 well is expected to be completed in
February 2009. The Gigante No.2 development well is expected to recover
approximately 4 million barrels of existing reserves from the Tetuan reservoir.
Initial production rate for the Gigante No.2 well is expected to be similar to
the rate of 3,000 barrels of oil per day experienced in the early production
from the Gigante No.1A well. In addition, the well will evaluate the resource
potential of the Caballos formation, which the Company estimates may contain 15
million barrels of unrisked recoverable resources, some 120 feet below the
Tetuan. Gigante No.2 is expected to be completed around the middle of 2009.


Drilling operations have continued in the Ombu block. Capella No.3, the first
deviated well to be drilled in the block, has a surface location adjacent to the
Capella No.1 vertical well and penetrates the reservoir approximately 340 metres
away. The Capella No.4 vertical well was drilled approximately 1.6 kilometres to
the southwest of the Capella No.1 location. The Capella No.3 and Capella No.4
wells both encountered the target Cretaceous Mirador reservoirs with net
hydrocarbon intervals similar to those encountered in the previous wells.
Production testing of these wells has not been completed. The rig has now
commenced drilling the Capella No.5 well, located some 3.4 kilometres to the
northeast of Capella No.1.


Under the amended terms of the farm-out agreement announced on 10 November 2008,
the cost of drilling and production testing the Capella No.1 well was paid by
Canacol Energy Inc. to earn a 10% interest in the Ombu block; the assignment of
the 10% interest is subject to the approval of the ANH.


Due to a number of events, compounded by inclement weather, the exploration
wells in the Maranta and Jacaranda blocks have been delayed. The Mirto No.1 well
in the Maranta block and the Jacinto No.1 well in the Jacaranda block are both
now expected to commence drilling in the first quarter of 2009. The Company
estimates that the Mirto prospect may contain unrisked prospective resource of
between 5 and 15 million barrels, and the Jacinto prospect may contain unrisked
prospective resources of over 10 million barrels.


Gross oil production totalled approximately 1.3 million barrels during 2008 with
an average of 4,960 barrels per day for December 2008. Production in the fourth
quarter of 2008 increased as a result of the successful development drilling
campaign in the Vigia field.


Peru


Emerald was the successful bidder on Block 163 in the 2008 bidding round. On
completion of the award process, Emerald will hold 100% working interest and
operatorship of Block 163, Emerald's first exploration block in Peru.


Block 163 is located in the Ucayali basin, approximately 440 kilometres to the
northeast of Perus capital, Lima, and has an area of approximately 5,000 square
kilometres. The work commitment during the first phase of the exploration and
production contract, lasting twelve months, consists of technical studies.


Production


During the period to 31 December 2008 the Company benefited from production in
Colombia and Syria as shown below.
+-----------------------------+---------+---------+---------+---------+---------+---------+
| | Q4-2008 | Q3-2008 | Q2-2008 | Q1-2008 | FY 2008 | FY 2007 |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| | bopd | bopd | bopd | bopd | bopd | bopd |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| Gross production: | | | | | | |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| Colombia | 4,355 | 3,953 | 2,823 | 2,979 | 3,531 | 3,456 |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| Syria | 10,062 | 5,312 | - | - | 3,864 | - |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| | | | | | | |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| Working interest | | | | | | |
| production: | | | | | | |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| Colombia | 3,394 | 2,902 | 1,792 | 1,799 | 2,475 | 2,274 |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| Syria | 5,031 | 2,656 | - | - | 1,932 | - |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| | 8,425 | 5,558 | 1,792 | 1,799 | 4,407 | 2,274 |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| Net entitlement production: | | | | | | |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| Colombia | 3,087 | 2,644 | 1,619 | 1,622 | 2,246 | 2,038 |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| Syria | 2,961 | 1,569 | - | - | 1,139 | - |
+-----------------------------+---------+---------+---------+---------+---------+---------+
| | 6,048 | 4,213 | 1,619 | 1,622 | 3,358 | 2,038 |
+-----------------------------+---------+---------+---------+---------+---------+---------+


Outlook


Development drilling is taking place in the Campo Rico and Gigante fields in
Colombia and is planned for the Khurbet East field in Syria. Appraisal
activities are taking place on the Capella discovery in Colombia with the
drilling of up to a further 3 wells and the long term testing of all 7 wells
planned for 2009. Appraisal drilling on the Yousefieh discovery in Syria is
underway and at least 1 further appraisal well is expected to be completed in
2009. Exploration wells are planned to commence drilling in the first quarter of
2009 in the Maranta and Jacaranda blocks in Colombia. The capital budget for
2009 totals approximately $85 million, with all of the activity planned to be
funded from existing cash and cash generated from production.


Emerald's Chief Executive Officer, Angus MacAskill, said:


"We are very pleased with the progress made by the Company in 2008, reflected in
the increased level of production at the year end and the participation in two
material discoveries at Capella and Yousefieh. We look forward to an exciting
year ahead with material development, appraisal and exploration activity in
Syria and Colombia."

DFGO; thanks, will add to the Header, progress quitely ticking along, no refer to the update on the facilities? All looking good though, with SP doing very nicely in the present market.
cyril

niceonecyril

new pdf on emerald website

http://www.emeraldenergy.com/documents/20090126EENInvestorPresentation.pdf

Best performing oil stock this one....nearly at all time highs...what would the sp be if oil was around the $100 mark ?.

More proof of why this is one of the best performing oil companies in to days market.

Emerald Energy Plc

11 February 2009

Colombia - Operations Update

Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the following update on operations in Colombia.

Capella Discovery, Ombu Block

Extended production testing of wells drilled on the Capella structure has commenced with an average daily production rate of approximately 400 barrels of oil per day, consisting of contributions from the Capella No.1 and Capella No.2 wells. Since the recent commencement of production, the produced water cut for the field has steadily reduced to a level of approximately 6%.

The field production rate is currently constrained by the oil trucking and sales capacity as would be expected when a new supply of heavy oil, such as the oil produced from Capella, is being introduced to a local market. The Company is actively engaged in developing the market for this oil and expects that the local capacity will be increased during the year. The Company believes that longer term the crude oil will be transported by pipeline to the larger and more established markets for heavy crude where these logistical constraints will not exist.

In the Capella No.3 well, the lower, open-hole, interval in the Mirador sand was flow tested, using a progressive cavity mechanical pump, over a period of 3 days with the production stabilising at a rate of approximately 135 barrels per day of 10 degree API gravity oil with a water cut of approximately 8% which may have been the return of fluids lost to the formation while drilling. The upper, cased-hole, interval was encountered with similar thickness and petrophysical properties as in the previous wells but was not flow tested during the initial drilling and testing operation. The rig is planned to move back to this well to flow test the upper interval at a convenient point during the appraisal programme.

In the Capella No.4 well, both of the Mirador reservoir intervals were encountered with the upper interval in this well being thinner than in previous wells. However, poor cementing within the well bore, resulted in neither of the Mirador intervals being effectively flow tested prior to moving the rig to drill the Capella No.5 well. The Company is currently evaluating ways in which the conditions within the well can be improved to allow effective flow testing of this well during the appraisal programme.

Drilling operations are continuing in the Capella No.5 well. The Mirador sands have been encountered as expected, cores have been cut across the Mirador reservoir intervals, and wireline logging is being conducted.

Gigante No.2 Development Well

The Gigante No.2 well that commenced drilling in December 2008 has reached a planned casing point at a depth of approximately 8,725 feet. The 13 3/8' casing is being run into the well and will be cemented in place. The planned total depth of this well is approximately 16,000 feet; drilling and initial evaluation of the well is expected to be completed by mid 2009.

Campo Rico No.5 Development Well

Drilling of the Campo Rico No.5 development well has been completed. Wireline logging in the well indicated a net potential hydrocarbon pay interval of approximately 28 feet in the Mirador sands with the top of the Mirador sand being slightly deeper than encountered in Campo Rico No.3 well, the highest well on the structure. The drilling rig has been demobilised from location, completing the planned drilling activity under this rig contract. The well is now being configured for production, using a smaller workover rig.

Maranta Farmout Agreement

The Company has entered into a farmout agreement with La Cortez Energy Inc. ('La Cortez') under which La Cortez will earn a 20% interest in the Maranta block by paying 60% of the historic exploration costs including the acquisition of 71 km of 2D seismic, plus 65% of the cost of drilling and testing the Mirto No.1 exploration well.

This agreement is subject to a number of conditions, including the approval of the ANH, the National Hydrocarbon Agency of Colombia, of the assignment contemplated by this agreement.

The Maranta block lies in the Putumayo basin in the south-west of Colombia, adjacent to blocks containing producing oil fields and recent discoveries, including the Costayaco discovery. The Mirto No.1 exploration well is planned to commence drilling in the Maranta block towards the end of the first quarter of 2009.

Jacaranda Exploration Well

Preparations are in the advanced stages for the drilling of the Jacinto No.1 exploration well in the Jacaranda block. Civil works for the wellsite and access road have commenced and the drilling rig contract has been awarded. The Company expects the Jacinto No.1 well to commence drilling in the first quarter of 2009.

Emerald's Chief Executive Officer, Angus MacAskill, said:

We are very pleased with the progress in our asset portfolio in Colombia, with material advances being made in development, appraisal and exploration activities. In particular, we are delighted to have commenced longer term production testing from Capella, a key step in the appraisal of this discovery, less than 5 months after its discovery.'

cyril

Emerald sp still in the rising trend....ohhh ! for a crude price rise as well !.

New article and analysis, click HERE

More amazing news,
Emerald Energy Plc




24 February 2009




Operations Update - Syria, Block 26




Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the following update on operations in Block 26, Syria.




Yousefieh No.2 Appraisal Well Result




Drilling and evaluation operations have been completed at the Yousefieh No.2 appraisal well, located approximately 1.8 kilometres east of the Yousefieh No.1 discovery.




The Yousefieh No.2 well, drilled to a total depth of 2,070 metres, targeted the same Cretaceous reservoir as encountered in Yousefieh No.1 but close to the interpreted eastern limit of this stratigraphic accumulation where a significantly thinner reservoir section was expected.




Based on wireline logging and cores recovered while drilling, the well encountered approximately 16 metres of net potential hydrocarbon pay with an average porosity of approximately 16%. An open-hole production test of the reservoir interval recovered quantities of oil and water but did not establish continuous production at surface. A liner will be run in the well and the reservoir interval may be re-tested at a later date using a workover rig.


As expected in the pre-drill estimation, the Yousefieh No.2 well encountered the reservoir with less thickness and lower reservoir quality than seen in Yousefieh No.1. This variation is consistent with a stratigraphic carbonate accumulation such as the Yousefieh discovery. The data acquired in this well will be used to refine the understanding of these lateral variations in the geological and reservoir modelling of the accumulation and to assist in development planning.




The Yousefieh discovery is located close to existing infrastructure, with the Yousefieh No.1 surface location approximately 3 kilometres from the production facilities in the Khurbet East field.




Yousefieh No.1 Flow Test




A cased-hole flow test has been conducted in the Yousefieh No.1 discovery well. The whole 63 metre net oil pay interval was open to flow as an ineffective cement bond behind the casing provided poor vertical isolation over the interval. The well flowed, under natural flow and through a 48/64 inch choke, at an average rate of approximately 1,460 barrels of oil per day over a 4 hour period with a water cut of up 5%, and approximately 570 barrels of oil per day through a 32/64 inch choke over a 12 hour period. These results compare favourably with the open-hole test run previously over the top 19 metres of reservoir which recorded an oil rate of approximately 900 barrels per day through a 48/64 inch choke.




Remedial cementation of the production liner is planned to isolate the water producing zone prior to commencement of production from the well.




Khurbet East No.8 Delineation Well




The drilling rig, following demobilisation from the Yousefieh No.2 well location, is moving to drill a delineation well in the southern part of the Khurbet East field.




The Khurbet East No.8 well, located 2.3 kilometres to the south of the Khurbet East No.3 production well, is positioned to investigate reservoir properties and determine the oil-water contact in this area and may have the potential to be used as a water disposal well in the future. Drilling and evaluation of the Khurbet East No.8 well is expected to take approximately 45 days. The results of this well are planned to be included in the independent reserves evaluation currently being conducted and expected to be completed in the second quarter of 2009.




Khurbet East Field Production




The Khurbet East field is producing at an average oil rate of approximately 10,500 barrels per day from 5 wells (2 vertical and 3 horizontal producers) with cumulative oil production from the field in excess of 2 million barrels. Only trace water has been produced to date and the field oil production rate has been reduced from previously reported levels as part of a reservoir management strategy to extend this period of water-free production.




The previously announced project to expand the processing capacity of the early production facility to 18,000 barrels per day is underway and is now expected to be completed by the end of the first half of 2009. Three additional production wells are planned to be drilled, following Khurbet East No.8, to deliver additional production for the expanded facilities capacity without requiring increased production from existing wells.




3D Seismic Data Acquisition




Acquisition of the 640 square kilometre 3D seismic survey, around the existing Khurbet East and Naour West 3D seismic surveys, is proceeding well with approximately 30% of the survey completed to date. The survey is intended to assist in the further exploration of the new exploration play demonstrated by the Yousefieh discovery.






Emerald's Chief Executive Officer, Angus MacAskill, said:


We are pleased with the continued progress in Block 26, including the continued excellent production performance in the Khurbet East field. The advances in the appraisal of the Yousefieh discovery will assist in determining whether additional capacity may be required in the Khurbet East full field facilities to allow for an incremental development of Yousefieh through this facility.'

cyril

Just gone long cyril.

Pro TA Tipster Zak Mir as just given out this analysis..

Zak Mir

Reged: 28/06/07
Posts: 661
Re: Emerald Energy (EEN).
#440308 - 25/02/09 08:45 AM Edit Reply Quote



This month's golden cross between the 50 / 200 day moving averages suggests that while above the 50 day moving average at 386p the upside here could be an October resistance line projection at 465p

GF this is a very good company which has just joined the FTSE250,plenty of cash in the coffers and some great assets, with a couple of realy exciting projects inColunbia as well as Syria which seems to be the major factor in the present SP?
cyril

Chart looks very strong aswell cyril.

Broker Note from late yesterday..

Emerald Energy PLC

FORECASTS
2008 2009
Date Rec Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Evolution Securities Ltd
24-02-09 BUY 36.30 41.89 10.04 12.62

2008 2009
Pre-tax () EPS (p) DPS (p) Pre-tax () EPS (p) DPS (p)

Consensus 36.30 41.89 10.04 12.62
1 Month Change 3.06 3.53 0.85 1.06
3 Month Change 10.86 12.53 -27.71 -34.94


GROWTH
2007 (A) 2008 (E) 2009 (E)

Norm. EPS 18.13% 207.34% -69.86%
DPS % % %

INVESTMENT RATIOS
2007 (A) 2008 (E) 2009 (E)

EBITDA 9.10m 41.60m 25.11m

EBIT 9.05m m m

Dividend Yield % % %

Dividend Cover x x x

PER 30.04x 9.78x 32.44x

PEG 1.66f 0.05f -0.46f

Net Asset Value PS 65.52p 184.71p 207.45p

RNS Number : 2878O
Emerald Energy PLC
04 March 2009



Emerald Energy Plc




4 March 2009




Operations Update - Syria, Block 26




Emerald Energy Plc ('Emerald' or the 'Company') would like to advise that Gulfsands Petroleum Plc ('Gulfsands'), the Operator in Block 26, Syria, will today host an analyst presentation which will include technical aspects of the Block 26 asset. A copy of their presentation will be available on the Gulfsands website (www.gulfsands.com). The presentation will contain the following new information which has not previously been announced.




Khurbet East No.8 Well Spud




Drilling operations have commenced on the Khurbet East No.8 delineation well in the Khurbet East Field. The well is designed to provide geologic information on the southern limits of the Khurbet East Field, establish the oil-water contact and to have the potential to be used as a water disposal well in the future. The Khurbet East No.8 well is expected to take approximately 45 days to drill and evaluate.




Yousefieh Preliminary Volumetrics




Based on a preliminary evaluation of the data acquired in the Yousefieh No.1 discovery well and the Yousefieh No.2 appraisal well, Gulfsands estimates the range of oil initially in place, on a gross basis at stock tank conditions, to be 27.2 (P90), 48.5 (P50) and 73.9 (P10) million barrels. Further work is required to determine the expected range of recovery factors and, hence, recoverable reserves.




The Operator plans to submit a commerciality application for the Yousefieh discovery and, in the third quarter of 2009, to drill a second appraisal well.




Khurbet East Field Production and Development




Gross oil production from the Khurbet East field averaged 8,470 barrels per day during the 163 day period between commencement of production and the end of 2008 (unaudited). The average sale price during this period was US$ 61 per barrel (unaudited).




During 2009, Gulfsands expects gross oil production to average between 12,500 and 13,000 barrels per day with a rate at the end of the year of approximately 16,000 barrels per day. Gross development capital expenditure is expected to be US$ 37 million, consisting of 4 development wells (Khurbet East Nos. 8, 9, 10 and 11 at a total cost of US$ 14 million), full field development facilities for Khurbet East (US$ 20 million) and miscellaneous items (US$ 3.5 million). The total cost of the full field development facilities for Khurbet East, to be incurred in 2009 and 2010, is estimated to be in the range of US$ 45 to 50 million. The Operator estimates that the Khurbet East field may be fully developed with a total of 15 production wells, including the existing 5 wells currently on production and 3 production wells expected to be drilled in 2009.




Exploration Activities




Gulfsands expects gross exploration and appraisal capital expenditure in 2009 to be approximately US$ 22 million, consisting of 3 wells (Yousefieh No.2, Yousefieh No.3, and one further exploration well at a total cost of US$ 12 million) and the 3D seismic survey currently being acquired (US$ 10 million).




The area of the 3D seismic survey has been increased to approximately 850 square kilometres to tie into existing 3D seismic surveys in the area and to assist in better understanding the new exploration play demonstrated by the Yousefieh discovery.

6 March 2009


Drilling Operations Commence in the Jacaranda Block, Colombia


Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide the
following update on operations in Colombia.


Drilling operations have commenced on the Jacinto No.1 exploration well in the
Jacaranda block in the Llanos basin in Colombia. Emerald has a 100% working
interest in the Jacaranda contract, awarded by the National Hydrocarbon Agency
of Colombia ("ANH").


The Jacinto No.1 well is designed to evaluate the potential of a stratigraphic
exploration target in the Tertiary aged Carbonera formation. The Company
estimates that the Jacinto prospect, if successful, may contain unrisked
prospective resources of approximately 10 million barrels.


The Jacinto No.1 well is expected to have a total drilling depth of
approximately 6,400 feet and take approximately five weeks to drill and
evaluate.


Emerald's Chief Executive Officer, Angus MacAskill, said:


"We are very pleased to have started our first exploration well in 2009 and look
forward to the results of drilling on this low cost and potentially high impact
prospect."

cyril

6 March 2009


Drilling Operations Commence in the Jacaranda Block, Colombia


Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide the
following update on operations in Colombia.


Drilling operations have commenced on the Jacinto No.1 exploration well in the
Jacaranda block in the Llanos basin in Colombia. Emerald has a 100% working
interest in the Jacaranda contract, awarded by the National Hydrocarbon Agency
of Colombia ("ANH").


The Jacinto No.1 well is designed to evaluate the potential of a stratigraphic
exploration target in the Tertiary aged Carbonera formation. The Company
estimates that the Jacinto prospect, if successful, may contain unrisked
prospective resources of approximately 10 million barrels.


The Jacinto No.1 well is expected to have a total drilling depth of
approximately 6,400 feet and take approximately five weeks to drill and
evaluate.


Emerald's Chief Executive Officer, Angus MacAskill, said:


"We are very pleased to have started our first exploration well in 2009 and look
forward to the results of drilling on this low cost and potentially high impact
prospect."

cyril

Emerald profits soar
MoneyAM
Emerald Energy posted EBITDA of $66m for 2008, up from $28m, with profit after tax of $36m.

The company had cash and cash equivalents of $74m at 31st December 2008 (2007: $40m).

The Directors do not recommend payment of an ordinary dividend.

emerald said the completion of the Gigante No.2 development well in Colombia and the expansion of the Khurbet East field facilities in Syria are expected to lead to a material increase in production before the end of 2009.

Appraisal activities in the Yousefieh field in Syria and the Capella field in Colombia may lead to further increases in production prior to the end of 2009.

Emerald said its business plan for 2009 was supported by strong balance sheet and cash flow generation from producing assets in Colombia and Syria.

Alastair Beardsall, Executive Chairman, said: 'The volatility of the oil price seen in 2008 has now moderated but we now face the uncertainty of the impact from the slowing global economy. These events, whilst unsettling for many in the short term, will not affect our short term plans or longer term aspirations.

HIGHLIGHTS OPERATIONS
Commencement of production from the Khurbet East field in Block 26, Syria, on 21 July 2008 with gross production of 1.414 mmbbl of oil (0.417 mmbbl Emerald net entitlement) by the end of 2008;

Discovery of the Yousefieh field in Block 26, Syria;

Discovery of the Capella field in the Ombu block in Colombia, with gross Proved plus Probable reserves of 14.835 mmbbl of oil (12.550 mmbbl Emerald net entitlement) and gross best estimate contingent resources of 42.165 mmbbl of oil (35.672 Emerald net entitlement);

Proved plus Probable working interest reserve addition of 15.004 mmbbl (before deduction of 1.613 mmbbl production);

Working interest production of 4,407 bopd (2007: 2,274 bopd) with Emerald net entitlement of 3,385 bopd (2007: 2,038 bopd).

FINANCIAL

EBITDA of $66 million (2007: $28 million);

Profit after tax of $36 million (2007: $7 million);

Cash and cash equivalents of $74 million as at 31 December 2008 (2007: $40 million).

OUTLOOK

Completion of the Gigante No.2 development well in Colombia and the expansion of the Khurbet East field facilities in Syria expected to lead to a material increase in production before the end of 2009;

Appraisal activities in the Yousefieh field in Syria and the Capella field in Colombia may lead to further increases in production prior to the end of 2009;

Exploration drilling in Block 26, Syria, and in the Gigante No.2 well and two ANH licenses in Colombia, may provide material reserve upside;

Business plan for 2009 supported by strong balance sheet and cash flow generation from producing assets in Colombia and Syria.

Ombu Exploration & Production Contract




Emerald 90% operated working interest (no third party back-in rights);

Contract awarded by the ANH in December 2006 with an exploration period of up to 6 years and exploitation period of up to 24 years for each discovered field;

Third exploration phase with a commitment to drill one well ends in November 2009;

Area of 300 sq km.




The Ombu block lies in the Caguan Putumayo basin to the southwest of the Llanos Basin. Emerald was awarded the contract with 100% working interest and operatorship. Prior to drilling the first exploration well, the Company entered into a farmout agreement under which Canacol Energy Inc. earned a 10% working interest, subject to the approval of the ANH, by paying 100% of the cost of the drilling and production testing of the Capella No.1 well.




The Capella No.1 exploration well was drilled to a total depth of 3,802 feet, discovered oil of approximately 10 API gravity in two intervals in the target Eocene aged Mirador formation, and was flow tested at a combined oil rate of 240 bopd. The lower interval tested at a stabilised rate of approximately 155 bopd with a water cut of approximately 15% over a 6 day period. The upper interval tested at a stabilised rate of approximately 85 bopd with only traces of water over a 4 day period.




The Capella No.2 well, located approximately 1.3 km southwest of Capella No.1, was drilled to a total depth of 3,550 feet, also encountered oil in two intervals in the Mirador reservoir, and was flow tested at a combined oil rate of 345 bopd. The lower interval was flow tested at stabilised rate of approximately 145 bopd with a water cut of approximately 4%. The upper interval flow tested at a stabilised rate of approximately 200 bopd with a water cut of approximately 10% over a period of 2 days.




Capella No.3, the first deviated well drilled in the block, was drilled from a surface location adjacent to the Capella No.1 and penetrated the reservoir approximately 340 metres away. The lower Mirador reservoir was flow tested at a rate of approximately 135 bopd with a water cut of approximately 8%. The upper Mirador reservoir was encountered with similar thickness and petrophysical properties as in the previous wells but was not flow tested.




The Capella No.4 vertical well was drilled approximately 1.6 kilometres to the southwest of the Capella No.1 location and both of the Mirador reservoir intervals were encountered with the upper interval in this well being thinner than in previous wells. However, poor cementing within the well bore, resulted in neither of the Mirador intervals being effectively flow tested.




The Capella No.5 well, located some 3.4 kilometres to the northeast of Capella No.1, also encountered both Mirador reservoirs. The lower Mirador reservoir was flow tested at an average rate of approximately 82 bopd with a water cut of approximately 52% and the upper Mirador reservoir was flow tested at an average rate of approximately 26 bopd with a water cut of approximately 4%.




The intervals flow tested to date in the first five wells drilled have flowed heavy oil in the range of approximately 9 to 11 API gravity. The Company plans to drill up to a further two wells in 2009 and to complete extended production testing of all the wells as part of the appraisal of the southern part of the Capella structure. Extended production testing of Capella wells commenced in February 2009 with an average daily production rate of approximately 400 bopd, comprising of contributions from the Capella No.1 and Capella No.2 wells, and with the water cut for the field steadily reducing to a level of approximately 6%.




Following the environmental permitting of the northern half of the structure, the Company plans further delineation drilling. If Emerald elects to enter the fourth exploration phase, the minimum work programme will include the drilling of one exploration well by November 2010.




An independent resource and reserve evaluation of the Capella structure was conducted by Netherland, Sewell & Associates, Inc ('NSAI') using SPE guidelines. In evaluating the oil in place, NSAI considered two cases; the low (P90) case considered the area of approximately 3,500 acres investigated by the first five wells drilled, and the high (P10) case considered the area of the full structure of approximately 22,000 acres. For these cases, NSAI estimated gross stock tank oil initially in place to be 245 and 1,111 million barrels respectively. NSAI estimated the gross recoverable resource, consisting of reserves plus contingent resources, to be 26.5 million barrels in the low (P90) case and 122.5 million barrels in the high (P10) case. NSAI used a lognormal distribution, commonly used in geological estimation, in determining the P50 gross resource estimate to be 57 million barrels.




For determining the proportion of the above mentioned resources to be classified as reserves, NSAI considered only potential drilling locations up to three well spacings away from the existing five wells, equivalent to a developed area of up to approximately 4,000 acres. The resultant gross reserves distribution is estimated to be 7.3 (Proved), 14.8 (Proved plus Probable), and 23.0 (Proved plus Probable plus Possible) million barrels.


By subtraction of the reserves from recoverable resources NSAI estimates the gross contingent resource of the Capella structure to be 19.2 (low estimate), 42.2 (best estimate), and 99.5 (high estimate) million barrels.

Nothing new that I can see, still no dividend....but good steady progress !.

An independent resource and reserve evaluation of the Capella structure was conducted by Netherland, Sewell & Associates, Inc ('NSAI') using SPE guidelines. In evaluating the oil in place, NSAI considered two cases; the low (P90) case considered the area of approximately 3,500 acres investigated by the first five wells drilled, and the high (P10) case considered the area of the full structure of approximately 22,000 acres. For these cases, NSAI estimated gross stock tank oil initially in place to be 245 and 1,111 million barrels respectively. NSAI estimated the gross recoverable resource, consisting of reserves plus contingent resources, to be 26.5 million barrels in the low (P90) case and 122.5 million barrels in the high (P10) case. NSAI used a lognormal distribution, commonly used in geological estimation, in determining the P50 gross resource estimate to be 57 million barrels.

UPDATE 1-Emerald Energy posts six-fold rise in '08 profit

Market News
Fear still in focus after strong rally
Equities up for 5th session in row on econ hope
Oil drops over 3 percent after OPEC keeps output steady
More Business & Investing News... * Full-year revenue $86 mln vs $44.4 mln year-ago
http://www.reuters.com/article/rbssEnergyNews/idUSBNG46574920090316
* Says strong balance sheet supports 2009 business plan (Adds details)

March 16 (Reuters) - Oil and gas explorer Emerald Energy Plc (EMEN.L) reported a six-fold jump in full-year profit as revenue nearly doubled, and said it expected material increase in production in Colombia and Syria before the end of 2009.

Business plan for 2009 is supported by strong balance sheet and cash flow generation from producing assets in those countries, the South America and Middle East-focused company said on Monday.

"The volatility of the oil price seen in 2008 has now moderated but we now face the uncertainty of the impact from the slowing global economy," Emerald said.

However, these events, whilst unsettling for many in the short term, will not affect its short-term or longer-term plans, it added.

For the year ended Dec. 31, 2008, Emerald posted a pretax profit of $52.45 million, compared with $8.58 million a year ago, as revenue nearly doubled to $86 million.

The company said it had cash and cash equivalents of $74 million as at Dec. 31, versus $40 million in 2007.

Emerald Energy shares closed at 397 pence on Friday. (Reporting by Balachander Surianarayanan in Bangalore; Editing by Gopakumar Warrier)

required field

lot of new stuff here the 22,000acres would require 360 to 370 wells

slide22

Colombia : Capella Discovery (Ombu Block)

Highly material discovery
Structure ~22,000 acre (89 km2)
Hydrocarbon in two Mirador zones
Shallow reservoir < 4,000 ft
Heavy oil 9 - 11 APIo Low viscosity and high sulphur (~2.5%)

Large area of structure to appraise
Current environmental permit ~8,000 acres
(32 km2)
Structure extends to north and south of
existing environmental permit area

Leaders in the area
First exploration activity since 1970s
Awarded Durillo contract to south-west
o Potential field extension

slide 23
Colombia : Capella Appraisal Results to Date and Plans
Appraisal Strategy
Wells to prove up reserves
Production to demonstrate reservoir performance
Sales to develop transport routes and markets

Results
5 wells drilled, all found 2 reservoirs
o Upper Mirador, 8 23 feet net sand thickness
o Lower Mirador, 115 275 feet gross thickness, fractured conglomorate
Well cold flow tests of 100 - 345 bopd
o Excellent reservoir permeabilities
Extended production testing started
400 bopd, water cut 6%


Forward plans
Continue extended production testing
Total 7 wells in south (2 to drill)
Design of surface facilities
Technology application
o High angle / horizontal wells, thermal recovery,
upgrading.
Delineate northern area
o after environmental permit

slide 24
Colombia : Capella Oil-Initially-in-Place and Resource (Gross)

Netherland, Sewell & Associates, Inc.
Two cases of oil-initially-in-place and
resources evaluated:
Low (P90) :
o 3,500 acre (14 km2) area around existing
wells
yellow area on map
~16% of structure
High (P10)
o 22,000 acre (89 km2)
o Structure using lowest know oil from DST
yellow + green areas on map

slide25
Colombia : Capella Resources and Reserves (Gross)

Resource best estimate (P50) calculated using
LogNormal distribution of P90 and P10 cases

Reserves estimate
Considers range of recovery from area around
existing wells (approx 4,000 acres, 16 km2
Proved = direct offset (1 well spacing)
o Probable = 1 offset removed (2 well spacing)
o Possible = 2 offset removed (3 well spacing)
60 acre well spacing (approx 500m apart)
Approx 350,000 bbl per well recovery
Approx 260 bopd initial rate
Difference between total resource and reserves
classified as contingent resource
Pending obtaining additional data to better understand
reservoir uncertainties away from existing well control

slide 26
Colombia : Capella Transportation & Marketing
Initial
Trucking direct to local markets
o e.g. Bogota, Medellin, Cali
Initial market for crude
o Allows production for reservoir appraisal
o Demonstrates quality of oil and
sustainability of volumes needed to
access pipeline network
Intermediate
Cali
Bogota
Medellin
Vasconia
Pipeline access
o Neiva and Vasconia are potential access
points
o Blending with lighter crude
Longer term
Potential for upgrading in the field, then
direct delivery to pipelines


http://www.emeraldenergy.com/documents/EEN2008Results.pdf

RNS Number : 3495P
Emerald Energy PLC
24 March 2009

Emerald Energy Plc

24 March 2009

Result of Drilling Operations in the Jacaranda Block, Colombia


Emerald Energy Plc ('Emerald' or the 'Company') provides the following update on operations in Colombia.


The Jacinto No.1 exploration well in the Jacaranda block, designed to evaluate the potential of a stratigraphic exploration target in the Tertiary aged Carbonera formation, has been drilled to a total depth of 6,460 feet.


Hydrocarbon shows and a well developed sand channel were encountered while drilling through the Carbonera formation but wire-line log evaluation indicates the sand channel to be water bearing. Following this result, the well has been plugged and abandoned.



Emerald's Chief Executive Officer, Angus MacAskill, said:



The Jacinto prospect was always recognised as being a higher risk stratigraphic exploration play but attractive to drill for its high potential reward and low drilling cost. While encouraged to encounter a thick sand channel necessary for the play, we are disappointed to find the channel water filled. We now look forward to the remaining exploration wells to be drilled in 2009.



Enquiries: Lisa Hibberd 020 7925 2440


This information is provided by RNS
The company news service from the London Stock Exchange

END

Thanks DFGO for all the info....still in and a lot more to come with oil prices on the up !.

as i said on the FOGL thread, truly fantastic performance ..... little comparative chart for you below over the last year

EEN = Red
TLW = Green
PMO = Black
HOIL = Dark Blue
FOGL = Gold (should be poo-brown!)

Very nice comparisons cynic!

they don't really have much to do with each other, except i get told by that prick Markymar that i am a liar and just ramping HOIL, PMO and TLW ..... mind you, he can/will never try to support his arguments with logic, but what can you expect from someone who thinks RKH is the best thing since sliced bread!

confess i know bugger all about EEN except that they operate in colombia ..... clearly worth further investigation

Syria as well.....producing double the amount over there !.

very small free float so assuredly pretty illiquid, so care needed

Oil is mainly on a rising trend.....so it's a big influence.....this one can pull back very suddenly 30p or so and then take a week or so to recover rising above the previous high.

just sold my shares 550 of them,had these for 8 long years!!! and is the only stock ive made money on!! thank you EEN :))))))

Pullback due, with one their usual spikes with sharp drops to follow.......and oil is dropping with not much news due and a failed well......back to 420 p or so ?.

Nice move by Emerald today

Took profits, far too soon by the look of things !.

Taking a profit is never a bad thing (turning paper into money)especially e/y tax.
Just understand that you can't buy these for 30days, or its considered no sale.
Great to see 5 broken and held,augers well for the future and confirms the faith that was shown during the recent market turmoil.
DFGO i need to update the header,the problem is its getting a bit heavy. I'd be interested in any suggestions ie what in and out?
cyril
ps Have looked at AFR?

Emeralds 10% partener in Ombu Block, Capella Heavy Oil Discovery in Colombia



Canacol Energy Ltd. Announces Update of Drilling Program at Its Capella Heavy Oil Discovery in Colombia


April 6, 2009 11:41 AM EDT


CALGARY, ALBERTA--(Marketwire - April 6, 2009) - Canacol Energy Ltd. (TSX VENTURE: CNE) ("Canacol" or the "Corporation") is pleased to provide an update of its exploration and appraisal drilling program to date on its 300 square kilometer Ombu E&P contract in the Caguan Putumayo Basin in Colombia. On July 9, 2008, the Corporation entered into a farm-out agreement with Emerald Energy Plc. ("Emerald"), the operator of the contract, earning a 10% working interest, subject to the approval of the ANH, by paying 100% of the cost of the drilling and testing of the Capella 1 well.

To date, 5 wells have been drilled and 1 further well, Capella 6,is being drilled and completed, covering an area of approximately 30 square kilometres within the southern part of the Capella discovery. Using the oil column height information obtained from the wells, and the structural interpretation derived from the existing 2D seismic, the accumulation has a mapped area of approximately 89 square kilometres (22,000 acres). Following the environmental permitting of the northern half of the structure later in 2009, the operator plans further delineation drilling.

Charle Gamba, President and CEO of Canacol, stated "We are pleased with the positive drilling and production test results obtained to date from the Capella discovery. The large areal extent of the structure represents a significant accumulation of heavy oil at Capella. We are looking forward to completion of the drilling program in the southern part of the field shortly, and the future appraisal of the northern part of the field later this year."

The Capella 1 vertical exploration well was drilled to a total depth of 3,802 feet on July 30, 2008, encountering oil of approximately 10 degrees API gravity in two sandstone reservoirs of the Eocene Mirador formation with a combined 189 feet of potential hydrocarbon bearing interval. Both reservoirs were tested using a progressive cavity pump, and flowed at a stabilized combined rate of 240 barrels of oil per day ("bopd"). The Capella 2 vertical well, located approximately 1.3 km southwest of Capella 1, was drilled to a total depth of 3,550 feet on 19th October, encountering approximately 163 feet of potential hydrocarbon pay within the same two reservoirs in the Mirador. Both reservoirs flow tested at a combined stabilized oil rate of 345 bopd. The Capella 3 well, the first deviated well drilled in the block, was drilled from a surface location adjacent to the Capella 1, penetrating the Mirador approximately 340 meters away, and reaching a total depth of 3,850 feet on November 26, 2008. The well encountered both reservoirs within the Mirador with net hydrocarbon intervals similar to those encountered in the other wells. The lower Mirador reservoir was flow tested at a rate of approximately 135 bopd of oil with a water cut of approximately 8%. The upper Mirador reservoir was encountered with similar thickness and petrophysical properties as in the previous wells but was not flow tested.

The Capella 4 vertical well was drilled approximately 1.6 kilometres to the southwest of the Capella 1 location, reaching a total depth of 3,545 feet on December 24, 2008. Both of the Mirador reservoirs were encountered with the upper reservoir in this well being thinner than in previous wells, with excellent oil and gas shows while drilling. Poor cementing within the well bore resulted in neither of the Mirador reservoirs being effectively flow tested. The operator is evaluating options with respect to remediating the well at some point in the future. The Capella 5 vertical well, located some 3.4 kilometres to the northeast of Capella 1, was drilled to a total depth of 3,314 feet on February 8, 2009, encountering both reservoirs within the Mirador with net hydrocarbon intervals similar to those encountered in the other wells. The lower Mirador reservoir was flow tested at an average rate of approximately 82 bopd with a water cut of approximately 52% and the upper Mirador reservoir was flow tested at an average rate of approximately 26 bopd with a water cut of approximately 4%.

The Capella 6 vertical well, located some 3.6 kilometres to the south of Capella 1, is currently being drilled and completed. The operator plans to drill 1 additional well after testing of the Capella 6 well has been completed.

The 5 wells tested to date have flowed heavy oil in the range of 9 to 11 degrees API gravity at individual well rates of up to 345 bopd under cold flow conditions from predominantly vertical wells. Extended production testing of the Capella 1, 2, and 3 wells in February yielded stable production rates of 400 bopd, with the water cut for the field steadily reducing to a level of approximately 6%. The operator plans to complete extended production testing of all the wells as part of the appraisal of the southern part of the Capella structure. The field production rate is currently constrained by oil trucking and sales capacity, with the crude being sold to local markets. The operator is also planning to commence a cyclic steam injection pilot in one of the vertical wells this year in order to investigate the effects of thermal methods on increasing rate and recovery efficiency.

The Corporation has been made aware that Emerald has announced its updated reserve disclosure in relation to the Capella Field under its reporting requirements in accordance with UK laws, namely on pages 10 and 11 of Emerald's 2008 Annual Report and Accounts, which may be accessed via the Emerald Energy Plc. website. Readers are cautioned that these figures released by Emerald are prepared in accordance with Society of Petroleum Engineering Guidelines and are not in accordance with the Canadian requirements under National Instrument 51-101- Standards Of Disclosure For Oil And Gas Activities and therefore cannot be relied upon by the Corporation for disclosure. The Corporation has not at this time received its reserve update on the Capella Field from its reserve evaluator in accordance with National Instrument 51-101- Standards Of Disclosure For Oil And Gas Activities and therefore cannot release any reserve data. The Corporation anticipates release of such Capella Field reserve data in the near future.

Canacol is a Canadian based international oil and gas corporation with operations in Colombia, Brazil, Guyana, and Northern Ireland. Canacol is publicly traded on TSX Venture Exchange (TSX VENTURE: CNE). The Corporation's public filings may be found at www.sedar.com.

This press release may contain statements within the meaning of safe harbour provisions as defined under Securities Laws and Regulations. The above statements are based on the current expectations and beliefs of Canacol's management and are subject to a number of risks and uncertainties that may cause the actual results to differ materially from those described above. Canacol does not undertake any responsibility with regard to the accuracy of this press release nor the obligation to update the abovementioned information.

This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation cannot assure that actual results will be consistent with these forward looking statements. They are made as of the date hereof and are subject to change and the Corporation assumes no obligation to revise or update them to reflect new circumstances, except as required by law. Prospective investors should not place undue reliance on forward looking statements. These factors include the inherent risks involved in the exploration for and development of crude oil and natural gas properties, the uncertainties involved in interpreting drilling results and other geological and geophysical data, fluctuating energy prices, the possibility of cost overruns or unanticipated costs or delays and other uncertainties associated with the oil and gas industry. Other risk factors could include risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities, and other factors, many of which are beyond the control of the Corporation. A barrel of oil equivalent (boe) is derived by converting gas to oil in the ratio of six thousand cubic feet of gas to oil and may be misleading, particularly if used in isolation. A boe conversion is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead, especially in various international jurisdictions.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION PLEASE CONTACT:
Canacol Energy Ltd.
Mr. Brian Hearst
CFO
(403) 237-9925
Email: bhearst@canacolenergy.com

Source: Canacol Energy Ltd.

http://www.istockanalyst.com/article/viewiStockNews/articleid/3178946

cyril
please keep the following in header

http://www.emeraldenergy.com

http://www.investegate.co.uk/Article.aspx?id=200812220700095529K

http://www.investegate.co.uk/Article.aspx?id=200901260700092060M

http://www.investegate.co.uk/Article.aspx?id=200902110700131142N

http://www.emeraldenergy.com/documents/20090126EENInvestorPresentation.pdf/

http://www.emeraldenergy.com/documents/EEN2008Results.pdf

cyril
Emerald Energy plans a cyclic steam injection pilot in one well this year.


Large Caguan basin find shapes up in Colombia

By OGJ editors
HOUSTON, Apr. 6 -- Emerald Energy PLC and Canacol Energy Ltd., Calgary, are delineating what appears to be a large heavy oil discovery in Colombia's Caguan basin 200 miles south of Bogota.

Five wells have been drilled, a sixth is drilling, and a seventh is planned in the southern part of Capella, an accumulation of 9-11 gravity oil in the Eocene Mirador formation that appears from 2D seismic to cover 22,000 acres on the Ombu E&P contract area.

Delineation drilling is planned on the northern half of the structure later in 2009 after environmental permitting.

Emerald Energy said gross proved and probable reserves are 14.8 million bbl from estimated initial oil in place of 245 million to 1.1 billion bbl. The six existing wells are on the southern 7,400 acres of the structure. The first five wells found oil in both intervals.

Emerald Energy and Canacol hold 90% and 10% interest, respectively, in the 74,130-acre Ombu contract area, and Emerald Energy holds 100% working interest in the 27,181-acre Durillo contract area adjacent to and southwest of Ombu. Emerald Energy said Durillo may have potential in the same exploration play as Capella.

The vertical Capella-1 went to a total depth of 3,802 ft in mid-2008 and found 189 ft of potential hydrocarbon-bearing interval in two Mirador sandstones. The two tested at a combined 240 b/d oil progressive cavity pumps.

Emerald Energy plans a cyclic steam injection pilot in one well this year. The field production rate is constrained by oil trucking and sales capacity. The individual intervals tested at initial rates of 26-240 b/d of oil and stabilized at as much as 400 b/d on extended tests with water cut steadily declining to 6%.

http://www.ogj.com/display_article/358525/120/ARTCL/none/ExplD/1/Large-Caguan-basin-find-shapes-up-in-Colombia/

RNS Number : 6272Q
Emerald Energy PLC
15 April 2009

FOR IMMEDIATE RELEASE

15 April 2009

CONVERSION OF CONVERTIBLE BONDS

Emerald Energy Plc (the 'Company') is pleased to provide the following update:

The Company and Credit Suisse Securities (Europe) Limited ('Credit Suisse') have reached an agreement for the conversion of the entire outstanding principal amount of the Series B US$15,000,000 4.875 per cent. senior unsecured convertible bonds due 2013 (the 'Series B Bonds') into the Company's ordinary shares (the 'Ordinary Shares'). The Series B bonds which were issued in July 2007 are convertible into Ordinary Shares at a price of 270 pence per Ordinary Share at a fixed US dollar/sterling exchange rate of 2.0171.

Credit Suisse has agreed to exercise its right to convert all of the outstanding principal amount of the Series B Bonds into the Ordinary Shares, in consideration of which the Company has agreed to pay Credit Suisse an amount of US$914,062.50, equal to the interest payable on Series B Bonds for the period from and including 31 March 2009 to but excluding 30 June 2010.

The total number of Ordinary Shares issued to Credit Suisse on 15 April 2009 pursuant to conversion of the Series B bonds is 2,754,229. These Ordinary Shares are expected to be listed on the Official List of the UK Listing Authority and admitted to trading on the London Stock Exchange no later than 22 April 2009. Following this transaction, the issued share capital of the Company will be 62,440,373 Ordinary Shares.

The Series A US$15,000,000 5.875 per cent. senior unsecured convertible bonds due 2012 that were also issued in July 2007 remain in place.

Enquiries:

Emerald Energy Plc - Lisa Hibberd 020 7925 2440

CS. annouced just the other day they would sell $5billion of equity to pay back part e of the $10billion loan recieved from the USA goverment.Not sure this is relivent, but worth knowing.
cyril

CS. annouced just the other day they would sell $5billion of equity to pay back part e of the $10billion loan recieved from the USA goverment.Not sure this is relivent, but worth knowing.
cyril

Only duplicates today Cyril? Running out of carbon paper?! ;o)

Niceonecyril : you can ajust the speed of the click of the mouse...it depends whether you are using Microsoft or Apple software !, you need to refer to a dummy's guide or computer active manual !.....that might be the problem !.

I can't help but feel that there is about to be a pullback on this stock....the sp is really up with events...at the moment Gulfsands (GPX)(Aim) looks the better bet !.

required field

Emerald still under valued imo hardly anything in price for Colombia

GPX 118,552,500 ordinary shares in issue.
EEN 59,686,144 ordinary shares in issue.
as from 22/4/09 Emerald will have 62,440,373 Ordinary Shares in issue.

probably because you have everyone looking in the wrong country entirely!
Try ColOmbia

Did I mention a pullback ?....the sp has dived this afternoon and there could be more tomorrow morning !.

Operations Update (Emerald Energy)





TIDMEEN

RNS Number : 0147R
Emerald Energy PLC
23 April 2009

?
Emerald Energy Plc


23 April 2009


Operations Update - Syria, Block 26


Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide the
following update on operations in Block 26, Syria.


Khurbet East No.8 Well


Khurbet East No.8, the delineation well located 2.7 kilometres to the south of
the Khurbet East No.1 well to investigate reservoir properties and the oil-water
contact in the south of the field, encountered a 23 metre gross oil column (15
metre net) within the Cretaceous Massive reservoir. The top of the reservoir was
encountered at 1,940 metres, approximately 18 metres shallower than the
pre-drill prediction.


Wireline logging indicated an average porosity in the net oil bearing interval
in excess of 23%. However, a definitive oil-water contact could not be
identified as the porous oil-bearing reservoir lies directly above a low
porosity and low permeability interval.


An open-hole flow test conducted over the full reservoir interval using nitrogen
injection artificial lift resulted in limited amounts of oil being produced to
surface, indicative of poorer reservoir quality in this location than
encountered in the central part of the field.


Following an acid stimulation operation on the open-hole reservoir section, the
well produced, using artificial lift, 23 degree API oil at an average rate of
617 barrels per day over an 8 hour period with a water-cut of less than 2%.
Under natural flow, the well flowed at an average oil rate of 120 barrels per
day over a 12 hour period through a 40/64 inch choke with a water-cut of 1%.


The Khurbet East No.8 well will be suspended as a future oil producer.


The results of the Khurbet East No.8 well are being integrated into the data set
for the Khurbet East field and the updated reserves evaluation being made by RPS
Energy, the independent reserves engineers, is expected to be completed before
the end of the second quarter 2009.


Khurbet East No.9 Well


Drilling operations commenced on the Khurbet East No.9 well on 9 April 2009. The
Khurbet East No.9 well, located approximately 1.0 kilometres south of Khurbet
East No.1, is the first of three development wells planned to support the
expansion of the early production facilities capacity to 18,000 barrels per day.
This additional capacity is expected to commence operations in the third quarter
of 2009.


3D Seismic


Acquisition of the 850 square kilometre 3D seismic survey surrounding the
Khurbet East and Yousefieh fields is progressing on schedule with completion
expected in the second quarter 2009. The data will be processed in the third
quarter, followed by seismic interpretation and prospect definition in the
fourth quarter 2009.




Emerald's Chief Executive Officer, Angus MacAskill, said:


"We are pleased with the results of the Khurbet East No.8 well with the
oil-bearing reservoir encountered in this location being materially thicker than
expected and the stimulation and testing operations demonstrating that oil can
be produced at commercial rates from areas where the reservoir quality is less
than the exceptionally high quality seen in the centre of the field."


Enquiries: Lisa Hibberd 020 7925 2440

required field

Here is reason for pull back

RNS Number : 6272Q
Emerald Energy PLC
15 April 2009

?
FOR IMMEDIATE RELEASE


15 April 2009


CONVERSION OF CONVERTIBLE BONDS


Emerald Energy Plc (the "Company") is pleased to provide the following update:


The Company and Credit Suisse Securities (Europe) Limited ("Credit Suisse") have
reached an agreement for the conversion of the entire outstanding principal
amount of the Series B US$15,000,000 4.875 per cent. senior unsecured
convertible bonds due 2013 (the "Series B Bonds") into the Company's ordinary
shares (the "Ordinary Shares"). The Series B bonds which were issued in July
2007 are convertible into Ordinary Shares at a price of 270 pence per Ordinary
Share at a fixed US dollar/sterling exchange rate of 2.0171.


Credit Suisse has agreed to exercise its right to convert all of the outstanding
principal amount of the Series B Bonds into the Ordinary Shares, in
consideration of which the Company has agreed to pay Credit Suisse an amount of
US$914,062.50, equal to the interest payable on Series B Bonds for the period
from and including 31 March 2009 to but excluding 30 June 2010.


The total number of Ordinary Shares issued to Credit Suisse on 15 April 2009
pursuant to conversion of the Series B bonds is 2,754,229. These Ordinary Shares
are expected to be listed on the Official List of the UK Listing Authority and
admitted to trading on the London Stock Exchange no later than 22 April 2009.
Following this transaction, the issued share capital of the Company will be
62,440,373 Ordinary Shares.


The Series A US$15,000,000 5.875 per cent. senior unsecured convertible bonds
due 2012 that were also issued in July 2007 remain in place.


RNS Number : 8330Q
Emerald Energy PLC
20 April 2009

?Form TR-1 with annex. FSA Version 2.1 updated April 2007


+-----------------------------------------+
| For filings with the FSA include the |
| annex |
| For filings with issuer exclude the |
| annex |
+-----------------------------------------+


+-----------------------------------------------------------------------------+
| TR-1: Notifications of Major Interests in Shares |
+-----------------------------------------------------------------------------+


+----------------------------------------+---------------+---------------+----------+
| 1. Identity of the issuer or the underlying issuer of | EMERALD ENERGY |
| existing shares to which voting rights are attached: | |
+--------------------------------------------------------+--------------------------+
| 2. Reason for notification (yes/no) |
+-----------------------------------------------------------------------------------+
| An acquisition or disposal of voting rights | Yes |
+------------------------------------------------------------------------+----------+
| An acquisition or disposal of financial instruments which may result | |
| in the acquisition of shares already issued to which voting rights are | |
| attached | |
+------------------------------------------------------------------------+----------+
| An event changing the breakdown of voting rights | |
+------------------------------------------------------------------------+----------+
| Other (please specify):______________ | |
+------------------------------------------------------------------------+----------+
| 3. Full name of person(s) subject to | Credit Suisse Securities (Europe) |
| notification obligation: | Limited |
+----------------------------------------+------------------------------------------+
| 4. Full name of shareholder(s) (if | |
| different from 3): | |
+----------------------------------------+------------------------------------------+
| 5. Date of transaction (and date on | 15.04.09 |
| which the threshold is crossed or | |
| reached if different): | |
+----------------------------------------+------------------------------------------+
| 6. Date on which issuer notified: | 16.04.09 |
| | |
+----------------------------------------+------------------------------------------+
| 7. Threshold(s) that is/are crossed or | 3% |
| reached: | |
+----------------------------------------+---------------+---------------+----------+




+--------------+--------------+----------+-----------+--------------+----------+----------+----------+
| 8: Notified Details |
+----------------------------------------------------------------------------------------------------+
| A: Voting rights attached to shares |
| |
+----------------------------------------------------------------------------------------------------+
| Class/type | Situation previous | Resulting situation after the triggering |
| of shares | to the triggering | transaction |
| If possible | transaction | |
| use ISIN | | |
| code | | |
+ +-------------------------+-----------------------------------------------------------+
| | Number of | Number | Number | Number of voting | Percentage of |
| | shares | of | of | rights | voting rights |
| | | voting | shares | | |
| | | rights | | | |
+ + + + +-------------------------+---------------------+
| | | | | Direct | Indirect | Direct | Indirect |
+--------------+--------------+----------+-----------+--------------+----------+----------+----------+
| ORD | N/A | N/A | 2,016,123 | 2,016,123 | N/A | 3.37% | N/A |
| GB0007360158 | | | | | | | |
| | | | | | | | |
+--------------+--------------+----------+-----------+--------------+----------+----------+----------+




+---------------+---------------+---------------+----------------------+---------------+
| B: Financial Instruments |
| |
+--------------------------------------------------------------------------------------+
| Resulting situation after the triggering transaction |
| |
+--------------------------------------------------------------------------------------+
| Type of | Expiration | Exercise/ | No. of voting | Percentage of |
| financial | date | conversion | rights that | voting rights |
| instrument | | period/date | may be | |
| | | | acquired (if | |
| | | | the | |
| | | | instrument | |
| | | | exercised/converted) | |
+---------------+---------------+---------------+----------------------+---------------+
| | | | | |
+---------------+---------------+---------------+----------------------+---------------+








+-----------------------------------------------------------------------------+
| 9. Chain of controlled undertakings through which the voting rights and /or |
| the financial instruments are effectively held, if applicable: |
+-----------------------------------------------------------------------------+
| Credit Suisse Securities (Europe) Limited and Credit Suisse International |
| are a division of Credit Suisse ("CSIBD"), which is part of the Credit |
| Suisse Group ("CSG"). CSIBD is a segregated business unit within CSG with |
| an independent management structure and exercises its voting rights |
| independently from other divsions of CSG |
+-----------------------------------------------------------------------------+

Emerald Energy Holding(s) in Company





TIDMEEN

RNS Number : 9727Q
Emerald Energy PLC
22 April 2009

?
Emerald Energy Plc


FOR IMMEDIATE RELEASE


22 April 2009


Holdings in Company


Emerald Energy Plc (the "Company") received notification on 21 April 2009 from
Credit Suisse Securities (Europe) Limited that, as at 20 April 2009, it no
longer held reportable voting rights in ordinary shares of 10p each in the
Company.


The total number of current voting rights in the Company is 62,440,373


Enquiries: Lisa Hibberd 020 7925 2440

As i suspected CS selling down to raise money for repayment od USA loan.

Another great result at KE, just gets better abd better.
cyril
ps will add todays news to the header, although its getting a little top heavy.

cyril

please keep the following in header plus todays remove the rest if you think
they are not needed

thanks dave.

http://www.emeraldenergy.com

http://www.investegate.co.uk/Article.aspx?id=200812220700095529K

http://www.investegate.co.uk/Article.aspx?id=200901260700092060M

http://www.investegate.co.uk/Article.aspx?id=200902110700131142N

http://www.emeraldenergy.com/documents/20090126EENInvestorPresentation.pdf/

http://www.emeraldenergy.com/documents/EEN2008Results.pdf

cyril

And Giante#2 result not to far away

DFGO; managed a small top up yesrerday @482p, so reasonably pleased.
cyril

cyril
well done



Output rise lifts Emerald
MoneyAM
Emerald Energy expects Q1 earnings of $9.9m - up from $8.4m last year - following a big rise in production.

The firm said daily output was 5,693 barrels of oil equivalent compared with 1,622 barrels in the first quarter of 2008.

Profits after tax for the period beginning 1 January will be $4.6m - up from $3.5m in 2008.

It said it had completed initial appraisal of Yousefieh discovery in Syria and drilled three successful appraisal wells and commenced extended production testing of the Capella discovery in Colombia.

Chief executive Angus MacAskill said: "We are very pleased with the results to date in 2009, with significant progress towards delivering the material production enhancement projects in the Khurbet East field in Syria and the Gigante field in Colombia.

"Our cash and cash generation positions are strong, and we remain committed to investing in projects to deliver additional value to shareholders."

Edit
thanks for up dating header.

Emerald Energy Plc




24 April 2009




INTERIM MANAGEMENT STATEMENT




Emerald Energy Plc ('Emerald' or the 'Company') is today issuing its Interim Management Statement for the period beginning 1 January 2009.




HIGHLIGHTS




Production (quarterly average net entitlement) of 5,693 bopd (1,622 bopd in Q1 2008).
Completed initial appraisal of Yousefieh discovery in Syria.
Drilled 3 successful appraisal wells and commenced extended production testing of the Capella discovery in Colombia.
Strong cash flow with EBITDA in first quarter of $9.9 million ($8.4 million in Q1 2008).
Profits after tax (unaudited) in first quarter of $4.6 million ($3.5 million in Q1 2008).
$15 million of convertible bonds converted to equity.
Active forward exploration and development programme funded from existing cash and cash flow.



Angus MacAskill, Emerald's Chief Executive Officer, said:



'We are very pleased with the results to date in 2009, with significant progress towards delivering the material production enhancement projects in the Khurbet East field in Syria and the Gigante field in Colombia. Delineation and appraisal activities have also advanced with greater understanding achieved in the Khurbet East and Yousefieh fields in Syria and also in the very material Capella field in Colombia, all of which will be used to optimise future developments. In exploration, we look forward to the results of the Gigante No.2 and Mirto No.1 wells in Colombia, and also to progressing the new exploration blocks in Colombia and Peru. Our cash and cash generation positions are strong, and we remain committed to investing in projects to deliver additional value to shareholders.'







Colombia




Further to the operations reported in the preliminary statement of 2008 results announced on 16 March 2009, the following activities have taken place.




In the Ombu block, the Capella No.6 well, located 4.2 kilometres to the southwest of Capella No.1, was drilled to a total depth of 3,645 feet. The well encountered an exceptionally thick upper Mirador interval with net potential hydrocarbon pay of 80 feet of 37% porosity sand, greatly exceeding the previously recorded maximum net thickness of 23 feet encountered in the Capella No.2 well. The Capella No.6 well also encountered a lower Mirador gross conglomerate interval of 175 feet with hydrocarbon shows being recorded to a depth of 3,605 feet, some 130 feet deeper than recorded in previous wells.




An open-hole flow test was conducted over the full lower Mirador conglomerate interval from which flow is interpreted, using data from previous wells, to be largely from natural fractures in the conglomerate. During this testing over a period of 3 days, the production stabilised at a rate of approximately 295 barrels of fluid per day with a water cut of approximately 90%. Preliminary evaluation of the well data indicates that the water is flowing from high productivity fractures at the base of the section. The Company plans to isolate the lower water-producing section of the conglomerate and conduct another open-hole flow test of the oil bearing interval.




A cased-hole flow test was conducted over the upper Mirador sand interval. During this testing over a period of 5 days, the production stabilised at a rate of approximately 100 barrels of oil per day with a water cut of approximately 2%. Due to signs of early sand production from this unconsolidated interval, the rotational speed of the progressive cavity pump was restricted to approximately one quarter of that used for testing the same interval in the Capella No.2 well. The Company plans to clean the sand from the wellbore and conduct a further flow test.




The Company plans to drill one further well in the southern part of the Capella structure in 2009 and this well, located on the same surface location as Capella No.6, is planned to be the first horizontal well in the field and to target the upper Mirador sand. Following the environmental permitting of the northern part of the block, the Company plans further drilling in this area.




The extended production testing of Capella wells, commenced in February 2009 at an oil rate of 400 barrels per day, subsequently increased to over 700 barrels per day before being temporarily suspended in March due to marketing limitations experienced for the heavy crude oil. The Capella oil has, to date, been sold directly to industrial end users within Colombia but the Company expects that, during commercial development, the Capella oil will be delivered to existing pipelines following blending or upgrading. The Company is currently engaged in removing the existing marketing constraints and anticipates recommencing extended production testing in May.




The Gigante No.2 well, planned primarily as a development well in the producing Tetuan reservoir, has been drilled to a depth of approximately 13,400 feet and casing has been run and cemented in place. The total depth of the well, including the exploration target in the Caballos formation, is expected to be approximately 16,000 feet. The results of this well are expected in the middle of the year.




In the Jacaranda block, the Jacinto No.1 exploration well, designed to evaluate the potential of a stratigraphic exploration target in the Tertiary aged Carbonera formation, encountered a water-bearing sand channel and was plugged and abandoned. The remaining prospectivity in the block is being evaluated prior to making a decision by 10 May 2009 whether to enter the next phase of the contract which, if entered, will have a duration of 12 months and a minimum work programme including one exploration well.




In the Maranta block, preparations are at an advanced stage to drill an exploration well to a depth of approximately 11,000 feet on the Mirto prospect which Emerald estimates may contain unrisked prospective resources in the range 5 to 15 million barrels. Drilling operations are expected to commence in May 2009. The Company has entered into a previously announced farmout agreement, subject to the approval of the ANH, under which Emerald retains 80% working interest and operatorship of the block.




Emerald has formally signed the exploration and production contract for Block VSM32, located in the Upper Magdalena Valley adjacent to the company's Matambo block. Under the contract, Emerald has 100% working interest and operatorship of the block. The Company believes the block may contain exploration potential analogous to the nearby Gigante field. The work commitment during the first phase of the ANH exploration and production contract, lasting 36 months, consists of the acquisition of 137 km of new 2D seismic data and the drilling of one exploration well.




Syria




Further to the operations reported in the preliminary statement of 2008 results announced on 16 March 2009, the second Khurbet East field delineation well, Khurbet East No.8, located in the southern part of the field, encountered a 23 metre gross oil column (15 metre net) within the Cretaceous Massive reservoir. Wireline logging indicated an average porosity in the net oil bearing interval in excess of 23% but did not identify a definitive oil-water contact as the porous oil-bearing reservoir lies directly above a low porosity and permeability interval. During flow testing of the full reservoir interval, following acid stimulation, the well produced, under artificial lift, 23 degree API oil at an average rate of 617 barrels per day over an 8 hour period with a water-cut of less than 2% and at an average oil rate of 120 barrels per day under natural flow.




The updated independent reserves evaluation of the Massive reservoir, taking into account seismic, well and production information acquired since the last evaluation, is expected to be concluded in the second quarter of 2009.




The Khurbet East field production performance has been excellent with the cumulative gross oil production of 2.5 million barrels recently being reached, minimal water production to date, and little reservoir pressure depletion being recorded. As a result of the early field performance, work is now underway to expand the capacity of the field's gathering, processing and loading facilities to 18,000 barrels of fluid per day as an interim expansion prior to the full field development of the Khurbet East field. This interim expansion of capacity, consisting of the installation of additional surface equipment and the drilling of three further development well, is expected to be operational in the third quarter of 2009. The first of these additional development wells, Khurbet East No.9 commenced drilling in April.







Peru




Emerald has formally signed the exploration and production contract for Block 163. The contract was awarded by PeruPetro S.A., the state company administering the hydrocarbon resources in Peru. Under the contract, Emerald has 100% working interest and operatorship of the block, Emerald's first in Peru. The work commitment during the first phase of the exploration and production contract, lasting twelve months, consists of technical studies.







Production




During the period to 30 March 2009 the Company benefited from production in Colombia and Syria as shown below.






Q1-2009
Q1 2008
FY 2008



Bopd
bopd
bopd

Gross production:







Colombia
4,196
2,979
3,530

Syria
9,996
-
3,863

Working interest production:







Colombia
3,042
1,799
2,475

Syria
4,998
-
1,932



8,040
1,799
4,407

Net entitlement production:







Colombia
2,748
1,622
2,246

Syria
2,945
-
1,139



5,693
1,622
3,385











Financial Position




In the first quarter of this financial year, Emerald reports the following unaudited results:






Q1-2009
Q1 2008
FY 2008





$ '000
$ '000
$ '000

Revenue from oil sales
(a)
14,219
12,961
86,041

Adjusted EBITDA
(b)
9,933
8,355
65,729

Profit after tax
4,637
3,540
35,645

Cash and cash equivalents at period end
(c)
59,018
41,173
74,447





(a) In the three months to 31 March 2009, revenue from oil sales increased by 10% in relation to the revenues achieved in the same period of last year. This growth resulted from a substantial increase in the invoiced production, which totalled 439 mbbl, compared to 156 mbbl achieved in the same quarter of last year. This increase in invoiced production was substantially, but not entirely, offset by the a combination of the decline in the oil prices, with WTI benchmark averaging $43 per barrel in the three months to 31 March 2009 compared to $98 per barrel experienced in the same quarter of last year, and an increase in oil inventories of 73 mbbl resulting in the quantities of oil sold in Colombia being 70% of the produced volume.




(b) EBITDA is earnings before interest (and other finance income and costs), tax, depreciation, depletion, amortisation and write-offs of oil & gas assets. Adjusted EBITDA is calculated before share based payments, charged to the income statement under IFRS 2.




(c) Cash decrease of $15.429 million was in line with the Company's 2009 budget with cash and first quarter cash flow funding capital projects.




Conversion of Series B Convertible Bonds




In April, the entire outstanding principal amount of the Series B US$15,000,000 4.875 per cent senior unsecured convertible bonds were converted into 2,754,229 of the Company's ordinary shares. The Company agreed to pay to the holder of the bonds, on conversion, an amount of $914,062.50 equal to the interest due on the bonds in the period to 30 June 2010, the interest payment date prior to the earliest date on which the Company may have been entitled, subject to a number of conditions, to redeem the bonds. Following this transaction, the issued share capital of the Company is 62,440,373 ordinary shares.




The early conversion of the Series B Bonds has eliminated any uncertainty related to the occurrence and timing of conversion of these bonds and reduced the Company's balance sheet liabilities.

cyril
read this bit its inportant and will increase reserves by a considerable amount.

In the Ombu block, the Capella No.6 well, located 4.2 kilometres to the southwest of Capella No.1, was drilled to a total depth of 3,645 feet. The well encountered an exceptionally thick upper Mirador interval with net potential hydrocarbon pay of 80 feet of 37% porosity sand, greatly exceeding the previously recorded maximum net thickness of 23 feet encountered in the Capella No.2 well. The Capella No.6 well also encountered a lower Mirador gross conglomerate interval of 175 feet with hydrocarbon shows being recorded to a depth of 3,605 feet, some 130 feet deeper than recorded in previous wells.

as always dyor

RNS Number : 4235R
Emerald Energy PLC
30 April 2009

Emerald Energy Plc

30 April 2009




Operations Update - Syria, Block 26




Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the following update on the evaluation of reserves in fields held under the contract for exploration, development and production of petroleum in Block 26, Syria (the 'Contract').




Khurbet East Field




An independent estimate of the petroleum reserves of the Khurbet East field at 31 December 2008 has been completed by RPS Energy Ltd ('RPS'), part of RPS Group Plc, based on data acquired up to 14 April 2009 which includes the data acquired in the Khurbet East No.8 well but not from the successful flow test after the acid stimulation operation.




The gross Proved plus Probable Reserves of oil contained in the Massive reservoir and recoverable within the period of the Contract are estimated to be 59.2 million barrels as at 31 December 2008 and to be 63.4 million barrels for the life of field. It is anticipated that optimisation of the field development may result in the 4.2 million barrels estimated by RPS to be produced outside the period of the Contract, also being produced within the term of the Contract.




A summary of the oil reserves as at 31 December 2008 is given in the table below.




Oil Reserves

(million barrels)
Proved
Proved plus Probable
Proved plus Probable plus Possible

Gross
34.2
59.2
99.7

Working Interest
17.1
29.6
49.9





Under the new estimate of petroleum reserves, the gross Proved plus Probable recovery of oil within the period of the Contract, taking into account the 1.4 million barrels produced before 31 December 2008, has increased by 3.3% since the last evaluation as at 31 December 2007.




Yousefieh Field




An independent estimate of the petroleum reserves of the Yousefieh field at 31 December 2008 has been completed by Fugro Robertson Limited ('FRL'), based on data made available up to 31 March 2009.




The gross Proved plus Probable Reserves of oil produced within the period of the Contract are estimated to be 11.3 million barrels as at 31 December 2008.




A summary of the oil reserves as at 31 December 2008 is given in the table below.




Oil Reserves

(million barrels)
Proved
Proved plus Probable
Proved plus Probable plus Possible

Gross
1.2
11.3
16.7

Working Interest
0.6
5.7
8.4





Further to these oil reserves and the associated oil initially in place, FRL estimated there to be an additional area towards the east of the field, including the Yousefieh No.2 well location, with a best estimate of gross Contingent Resource of oil initially in place within this area of 42 million barrels. FRL did not estimate an associated recoverable resource and further work is required to determine whether this volume is commercial and, if so, an appropriate recovery factor.




Block 26 Net Entitlement Reserves




Under the terms of the Contract, there is a single cost recovery pool for all the fields within the Contract. The Operator has estimated the net entitlement Reserves attributable to the Company based on the estimates of gross Reserves provided by RPS and FRL, the terms of the Contract, and the Operator's estimates of future oil price, development costs, and operating costs. Key assumptions include a Brent crude price of $45 per barrel in 2009 rising to $70 per barrel after 2012. It is assumed that the oil sold from Block 26 trades at an average $11 per barrel discount to Brent.




The Operator estimates that the total net entitlement Reserves of oil attributable to the Company at 31 December 2008 from fields in Block 26 is 8.1 million barrels on a Proved basis,14.3 million barrels on a Proved plus Probable basis and 21.9 million barrels on a Proved plus Probable plus Possible basis.




Net entitlement Proved plus Probable Reserves of oil attributable to the Company at 31 December 2008 in Block 26 has increased by 3.4 million barrel (31%) compared to the 10.9 million barrels reported in the annual report for the year ended 31 December 2008.







Emerald's Chief Executive Officer, Angus MacAskill, said:



'We are very pleased with the material increase in reserves in Block 26 with the excellent production performance leading to improved recovery in the Khurbet East field and the addition of new reserves from the Yousefieh discovery. We are encouraged that full field development of the Khurbet East field, appraisal of Yousefieh, and exploration generated by the 3D seismic survey currently being acquired will lead to further opportunities for advancement.'




Enquiries: Lisa Hibberd 020 7925 2440

1. Reserves quoted on a working interest basis are provided by the Company and are not contained in the reports by RPS and FRL. Reserves on a working interest basis are the gross oil reserves of the field multiplied by the Companys working interest in the Contractor group (50%).

2. The standard used in preparing the reserve estimates was the resource definitions jointly set out by the Society of Petroleum Engineers (SPE), the World Petroleum Congress (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE) in April 2007 in a document entitled Petroleum Resources Management System (PRMS).

3. Net entitlement oil reserves are the reserves that the Company is estimated to be entitled to recover under the terms of the Contract, after the application of royalties and other terms of the Contract including the apportionment of Cost Recovery Crude Oil and Production Sharing Crude Oil as determined under certain oil and gas pricing assumptions.

4. Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions.

5. Proved Reserves are those quantities of petroleum, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regulations.

6. Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P). In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate.

7. Possible Reserves are those reserves which analysis of geological and engineering data suggests are less likely to be recoverable than probable reserves. In this context, when probabilistic methods are used, there should be at least a 10% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable plus possible reserves

8. Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for the commercial development due to one or more contingencies.

9. Full reserve category definitions and guidelines are documented in the PRMS on the SPE website at http://www.spe.org/spe-app/spe/industry/reserves/prms.htm

This information is provided by RNS
The company news service from the London Stock Exchange

END

Operations Update - Syria, Block 26




Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the following update on operations in Block 26, Syria.




Khurbet East No.9 Development Well




The Khurbet East No.9 well, located approximately one kilometre south of the Khurbet East No.1 well and planned as the first of three development wells to support the expansion of the Khurbet East early production facility, has been drilled vertically to a total depth of 1,986 metres. The well encountered the top of the Cretaceous Massive reservoir at 1,937 metres and preliminary analysis of the wire-line logs indicates a 26 metre gross (23 metre net) oil-bearing interval within this reservoir with an average porosity over the net oil-bearing section of approximately 22%. A definitive oil-water contact was not identified in the well as the primary reservoir section lies directly above a relatively impermeable and low porosity section.




During the final 12 hours of a 24 hour open-hole flow test of the gross reservoir interval, the well flowed, under natural flow, at an average stabilised oil rate of approximately 3,040 barrels per day through a 48/64 inch choke and with a water cut of between 3% and 4%. Preliminary analysis of the flow test indicates very good reservoir permeability, consistent with the production wells in the central portion of the Khurbet East Field.




The Khurbet East No.9 well will be completed as a production well and tied-in to the early production facility. After completion of operations on Khurbet East No.9, the rig will commence drilling of the Khurbet East No.10 well, the second of the three development wells planned to support the expansion of the early production facility.




Expansion of Khurbet East Early Production Facility




The expansion of the capacity of the early production facility to 18,000 barrels per day is proceeding on schedule with commissioning of the new equipment expected to commence in June and production start-up expected early in the third quarter of 2009.




Exploration 3D Seismic Survey




Acquisition of the 850 square kilometre 3D seismic survey in the area around the Khurbet East and Yousefieh fields continues on schedule, with approximately 90% of the area completed. The Company expects the programme will be completed this month, with delivery of final processed data expected late in the third quarter of 2009 and interpretation of these data commencing immediately thereafter.




Emerald's Chief Executive Officer, Angus MacAskill, said:



'We are very pleased with progress towards delivery of the early production facility expansion, with the results of Khurbet East No.9, the first of three development wells planned to fill the additional capacity, demonstrating the southern extension of the excellent reservoir quality seen in the central portion of the field. We are also pleased with the progress in acquiring this large exploration 3D seismic survey and look forward to the results of the interpretation of these data later in the year.'

cyril

link not working re posted

http://www.emeraldenergy.com/documents/EENInvestorPresentationMay2009.pdf

Gogante 2 should be getting close to total depth?
cyril

Operations Update - Syria, Block 26

Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the following update on operations in Block 26, Syria.

Khurbet East No.10 Development Well

Drilling operations have commenced at the Khurbet East No.10 well, the second of three development wells being drilled in the central area of the field to support the expansion of the Khurbet East early production facility. The well is planned as a horizontal production well with a surface location adjacent to the recently completed Khurbet East No.9 development well and entering the Cretaceous Massive reservoir approximately 700 metres to the northwest.

Khurbet East Field Oil Production


Gross oil production from the Khurbet East field has recently averaged approximately 10,800 barrels per day and has reached a cumulative total of 3 million barrels. The field continues to perform above expectation with strong pressure support, high productivity from producing wells, and minimal field water production of less than 1%.

The expansion of the capacity of the early production facility to 18,000 barrels of fluid per day is proceeding on schedule with first production through the expanded facility expected early in the third quarter of 2009.

Exploration 3D Seismic Survey

Acquisition of the 850 square kilometre 3D seismic survey in the area around the Khurbet East and Yousefieh fields has been completed. Delivery of the final processed data is expected late in the third quarter of 2009, with interpretation of these data commencing immediately thereafter.

Emerald's Chief Executive Officer, Angus MacAskill, said:

'We are very pleased with the continued progress in Block 26, with the co-ordinated development activities focused on delivering increased production rates from the Khurbet East field in the third quarter. We also look forward to the interpretation of the recently completed 3D seismic survey which is expected to result in further exploration drilling in 2010.'

Another brick in the wall, "now get ready for GIGANTE-2 due very shortly"?

cyril

Emerald pleased with progress in Syria
Business Financial Newswire
Emerald Energy is pleased with the continued progress in operations on Block 26 in Syria.

It said drilling operations had commenced at the Khurbet East No.10 well, the second of three development wells being drilled in the central area of the field.

The field continues to perform above expectation with strong pressure support, high productivity from producing wells, and minimal field water production of less than 1%.

It said acquisition of the 850 square kilometre 3D seismic survey in the area around the Khurbet East and Yousefieh fields has been completed.

Delivery of the final processed data is expected late in the third quarter of 2009, with interpretation of these data commencing immediately thereafter.

RNS Number : 4947T
Emerald Energy PLC
08 June 2009

Emerald Energy Plc
8 June 2009

Syria, Block 26

Emerald Energy Plc ('Emerald' or the 'Company') has been notified that Gulfsands Petroleum Plc ('Gulfsands'), the operator for Block 26, Syria, will be making a presentation to analysts today in connection with a site visit to Block 26 in Syria.

A copy of the operator's presentation to be given to the analysts is available on the Gulfsands website (www.gulfsands.com).


Enquiries: Lisa Hibberd 020 7925 2440

see following post for link

Gulfsand Petroleum Analyst Presentation - Damascus (June 08, 2009)
link


http://www.gulfsands.com/i/pdf/GPX_presentation_2009-06-08_analyst.pdf

http://www.investegate.co.uk/Article.aspx?id=200906090700125689T
cyril

Operations Update (Emerald Energy)

TIDMEEN

RNS Number : 5689T
Emerald Energy PLC
09 June 2009

?
Emerald Energy Plc


9 June 2009


Colombia - Operations Update


Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide the
following update on operations in Colombia.


Mirto No.1 Exploration Well, Maranta Block


Drilling operations have commenced on the Mirto No.1 exploration well in the
Maranta block, located in the Caguan-Putumayo basin in the south-west of
Colombia. The Maranta block is adjacent to blocks containing producing oil
fields, including the Costayaco field operated by Gran Tierra Energy Inc.

The Mirto No.1 well is designed to evaluate a structure with exploration
potential in the Cretaceous aged Villeta and Caballos formations. The Company
estimates that the Mirto prospect, if successful, may contain unrisked
prospective resources in the range 5 to 15 million barrels.

The Mirto No.1 well is expected to have a total drilling depth of approximately
11,500 feet and take approximately two months to drill and evaluate.


Emerald holds a 100% working interest in the Maranta contract, awarded by the
National Hydrocarbon Agency of Colombia ("ANH"). La Cortez Energy Inc. ("La
Cortez") will pay 65% of the cost of drilling and production testing the Mirto
No.1 well as part of the consideration to earn a 20% working interest in the
block, subject to the approval of the ANH.


Gigante No.2 Development Well


The Gigante No.2 well that commenced drilling in December 2008 has reached a
planned intermediate casing point at a depth of approximately 15,185 feet. The
7" liner has been run into the well and cemented in place. The planned total
depth of this well is approximately 16,000 feet; drilling and initial evaluation
of the well is expected to be completed in the middle of 2009.


Capella Field Appraisal, Ombu Block


The initial well testing operations have been completed in the Capella No.6
well. Following the first open-hole test of the full lower Mirador conglomerate
interval, which produced approximately 295 barrels of fluid per day with a water
cut of approximately 90%, the lower part of the interval was isolated with a
cement plug and the remaining interval was subsequently flow tested. During this
flow test, oil production stabilised at a rate of approximately 90 barrels per
day with a water cut of approximately 25%.


The upper Mirador sand interval was encountered in the Capella No.6 well with
net potential hydrocarbon pay of 80 feet of sand, greatly exceeding the
previously recorded maximum net thickness of 23 feet encountered in the Capella
No.2 well. A total of 3 cased hole flow tests were conducted in this interval
and in each test the oil production stabilised at a rate of approximately 100
barrels per day with a water cut in the range of 2% to 5%. Based on initial
evaluation of the data obtained during the tests, the Company believes that the
rate was limited by a combination of sand production, pump capacity and the
available completion equipment, and that there is potential to increase the rate
from this interval by optimising the design of the well production equipment.


The Company plans to drill the first horizontal well in the field to target the
thicker upper Mirador sand in the Capella No.6 area, and has scheduled the
drilling of this well for the late third or early fourth quarter of 2009 to
allow time to optimise the drilling and completion design based on the results
of the Capella No.6 well. The drilling rig, which has successfully drilled six
wells in the Capella field, is now being demobilised from the location.


The extended production testing of Capella wells continued on an intermittent
basis in May due to marketing constraints, with an average monthly gross oil
production rate during the month of approximately 250 barrels per day and a
daily maximum of approximately 700 barrels per day.


Jacaranda Block Relinquishment


Following the results of the Jacinto No.1 exploration well, the Company has
concluded its review of the remaining exploration potential in the Jacaranda
block and has notified the ANH that it has decided not the enter the third
exploration phase in the block, and to relinquish the block.


Production


Gross oil production in the period from 1 January to 31 May 2009 has averaged
approximately 4,030 barrels per day.




Emerald's Chief Executive Officer, Angus MacAskill, said:


"We are very pleased with the progress in Colombia, with strong production from
existing fields, the Gigante No.2 well approaching its target horizons,
continued progress in the appraisal of the Capella heavy oil discovery, and the
commencement of the Mirto No.1 exploration well. We look forward to the outcome
of these activities, each of which has the potential to materially add to
shareholder value."


Enquiries: Lisa Hibberd 020 7925 2440

Not long to wait now,before knowing how much oil the Tetuan really contains

23 June 2009




Colombia - Gigante No.2 Well




Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the following update on operations in the Gigante No.2 well in the Matambo Association Contract in Colombia. Emerald is the Operator and Ecopetrol S.A, the Colombian national oil company, is a partner in these operations.




Drilling of the Gigante No.2 well has been completed and a production liner is being run in preparation for testing operations.




Gigante No.2 has been planned primarily as a development well in the currently producing Tetuan reservoir and also to evaluate the exploration potential of the deeper Caballos formation.




The well has been drilled to a total depth of 15,630 feet, encountering hydrocarbon shows in both the Tetuan and Caballos formations. The tops of the Tetuan and Caballos formations were encountered approximately 378 feet and 338 feet structurally higher, respectively, than in the Gigante No.1A well which is significantly better than the pre-drill estimate of 260 feet.




A preliminary analysis of the drilling and wireline logging data acquired to date indicates a potentially oil bearing sandstone interval of approximately 32 feet (gross and net) in the Tetuan formation with an average porosity of approximately 10%, similar to the porosity in the Gigante No.1A production well.




In the Caballos formation, a preliminary analysis of the data indicates a 163 feet gross (107 feet net) sandstone interval with an average porosity of approximately 9%. The analysis of wireIine logging data acquired to date has not been able to confirm if the Caballos formation is oil bearing.




Due to difficult open hole conditions in the well, the Operator has decided to curtail the wireline logging operations and to run a production liner across the open hole section of the well before proceeding with flow testing of both the Tetuan and Caballos formations.




Following the liner running operation, the Operator plans to demobilise the drilling rig from the location and mobilise a smaller, lower cost rig for the testing operations. This smaller rig is expected to be operational within two weeks and the subsequent flow testing operations are expected to take up to one month to conduct.







Emerald's Chief Executive Officer, Angus MacAskill, said:




'We are very pleased with the progress in the Gigante No.2 well, having successfully drilled this deep and technically complex well, and having encountered the target formations significantly higher on the structure than in the existing Gigante No.1A production well. We now look forward with our partner, Ecopetrol S.A., to the results of the testing operations and future production from this well.'

cyril

Is this good news? The price has dropped over the past week. Could be a period of consolidation. I've held for 4 years(in at 178p) and I still think this is undervalued. Is 8 too to expect by year end?

Just in, up over 10%. not sure why?
cyril

cyril
Emerald top of today's BBC "Winners List

http://newsvote.bbc.co.uk/1/shared/fds/hi/business/market_data/shares/default.stm

DFGO thanks,seems we.re in talks with a 3rd parrty.

Edit; Oil explorer Emerald Energy has confirmed that it has received an approach which could lead to a possible cash offer for the Company.

Emerald's statement follows press speculation about a possible bid and the recent increase in its share price.

The statement says: "It should be emphasised that the discussions are at a preliminary stage.

"Accordingly, no assurances can be given that any formal offer will be forthcoming or that any transaction will occur."
cyril

cyril

yes a figure 7.50 mention by Ft,worth a lot more.

ah, that lovely word "worth" ..... as i have said before, something is only worth as much as someone else is prepared to pay

At 750p this will be bought on the cheap and yes "worth a lot more". Its "worth" noting that DFGO's has an indepth knowledge of this company who along with other such posters has helped bring the its true merits to us less able.
So once again yes, very cheap against the reconised norm of valuing an E&P company.
cyril

i do not dispute the sentiment, but merely the reality of life

Yes its true that's the nature of business, still hoping the 750p is the opening shot?
DfGO; a question for you, do you think that the interested party will have access
to G2 results? My thoughts they're so close to flow rates that they must have some or most by now?
cyril

I've set up a blog with research links for the under-researched:

http://emerald-energy-een.blogspot.com/

Kiwi7 thanks, a great idea and most useful, u;ll add it to the haeder.
Answer to my question,
14 July 2009




Colombia - Gigante No.2 Well




Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the following update on well testing operations in the Gigante No.2 well in the Matambo Association Contract in Colombia.




The first flow testing operation in the Caballos formation has been successfully completed with 32 degree API oil flowing to surface, under natural flow, at a rate of approximately 185 barrels per day.




A flow test was conducted over a total perforated interval of 84 feet in the Caballos formation. Oil of approximately 32 degrees API gravity flowed to surface, under natural flow and through a 24/64 inch choke, at an average rate of 185 barrels per day over a 9 hour period with a water cut of approximately 3.5% which may have been the return of fluids lost to the formation during drilling operations.




An analysis of the pressure data acquired during the flow test indicates that formation damage has occurred during drilling. This data also indicates that the pressure in the Caballos formation has not been depleted by production from the Tetuan reservoir in the Gigante No.1A well.




The Company is now preparing to conduct a further flow test of the Caballos formation using an electrical submersible pump, a method of artificial lift currently used for production in the Gigante No.1A well.




The Caballos formation is the exploration target in the Gigante No.2 well, underlying the Tetuan formation which is the producing reservoir in the Gigante No.1A well and the development target in the Gigante No.2 well. The Caballos formation was encountered approximately 338 feet structurally higher in the Gigante No.2 well than in the Gigante No.1A well.




Emerald's Chief Executive Officer, Angus MacAskill, said:




'We are delighted to have demonstrated that the Caballos formation, the exploration target in this well, is oil bearing and look forward to the results of further testing of this formation before proceeding to the flow testing of the Tetuan reservoir.'
cyril

Missed out on the takeover...been in and out for years...then not watching and missed the first rise, now too late..damn !.

not necessarily .... there may not even be a t/o .... or on the other hand, it just may be at a worthwhile premium to the current price

Still hesitating to get in at this price....to be worthwhile, would have to go to 750p.....like you say : might not.

The one to get in might be VPC.....

If someone is prepared to pay 750p then it must be worth a whole lot more,1150p or even more, so short/long term it looks good.
Disappointing the significance of todays news has been overlooked?
cyril

i wonder how valid the closing price of 665 will prove to be

Great day,market waking up to its potential.

No yellow flags here?
cyril

no ... i hold these, though i wish there was rather heavier trade

http://www.investegate.co.uk/Article.aspx?id=200907270700132903W
cyril

Significant Oil Discovery in the Kurdistan Region of Iraq

Shaikan-1, Shaikan Block




Gulf Keystone Petroleum Ltd. (AIM: GKP), an independent oil and gas exploration company announces that Gulf Keystone Petroleum International (50% GKP, 50% ETAMIC) has made a significant discovery at the Shaikan-1 exploration well. The well is located in the Shaikan Block, situated near the city of Dihok, approximately 85 kilometres North-West of Erbil in the Kurdistan region of Northern Iraq.

cyril

OPERATIONS UPDATE:
EARLY PRODUCTION FACILITY EXPANSION COMPLETED
KHURBET EAST PRODUCTION EXCEEDS 14,700 BOPD
WORKOVER PROGRAMME COMMENCES

London, 6th August 2009: Gulfsands Petroleum plc ("Gulfsands", the
"Group" or the "Company" - AIM: GPX), the oil and gas production,
exploration and development company with activities in Syria, Iraq,
and the U.S.A., is pleased to announce the successful completion of
the expansion of the processing capacity at the Khurbet East Early
Production Facility ("EPF") to approximately 18,000 barrels of fluid
per day and to provide the following update on operations at Block
26, Syria.
EXPANSION OF BLOCK 26 EARLY PRODUCTION FACILITY
The planned expansion of the Khurbet East EPF has been completed with
the EPF now capable of handling approximately 18,000 barrels of fluid
per day ("bfpd").
Tie-in operations have also been concluded on the previously drilled
KHE-9 and KHE-10 production wells coincident with the completion of
the expansion of the EPF, with the result that gross daily production
from the Khurbet East Field has increased from approximately 10,730
barrels of oil per day ("bopd") during the month of June to
approximately 14,700 bopd. The KHE-9 well is currently flowing at
approximately 2,100 bopd and KHE-10 well is contributing
approximately 1,900 bopd. As with the other production wells in the
Khurbet East Field, these new wells are flowing oil with negligible
associated water cut.
Drilling operations on the KHE-11 horizontal well ("KHE-11") have
also recently been successfully concluded, and this well is awaiting
tie-back to the EPF. The KHE-11 well was spudded on 20th June at a
surface location approximately 700 metres to the east of the Khurbet
East discovery well KHE-1. KHE-11 is the third of three development
wells planned to support the expansion of the Khurbet East EPF.
The KHE-11 well was drilled to a total measured depth of 2235 metres
or 1962 metres true vertical depth ("TVD") and encountered the top of
the oil bearing Cretaceous Massive reservoir at 1945 metres TVD. A
horizontal section of approximately 60 metres of Cretaceous Massive
Formation was penetrated within the uppermost portion of the
reservoir. Reservoir properties encountered in the KHE-11 well-bore
are consistent with those in the other high performance wells in the
central portion of the Khurbet East Field, and this well is
anticipated to produce oil at similar rates to the other production
wells located near the structural crest of the Field.
KHURBET EAST FIELD DELINEATION WELL
The drilling rig has now moved on to drill well KHE-12, a delineation
well located near the currently interpreted southern limit of the
Khurbet East structure. KHE-12 is located some 3.2 kilometres south
of the previous delineation well KHE-8, which encountered a full oil
column. The objective of KHE-12 well is to provide structural and
stratigraphic information which may lead to the extension of the
Khurbet East Field into the southern tip of the Khurbet East fault
block structure and to locate the field-wide oil-water contact. The
KHE-12 well was spudded on 1st August, and drilling operations are
expected to be completed within approximately 45 days.
WELL WORKOVER PROGRAMME COMMENCES
Operations have commenced this week on a three-well workover
programme using a recently contracted workover rig. The multiple
objectives of the planned workover programme are to prepare the
Yousefieh-1 well as a future producer from the Yousefieh Field and to
establish continuous oil production to surface from the Yousefieh-2
and KHE-7 wells which were drilled as delineation wells on the
Yousefieh and Khurbet East Fields, respectively.
Wireline logs and core samples taken from the Yousefieh-2 and KHE-7
wells suggest that the oil bearing reservoirs in these wells are of
relatively poor quality and as such the oil volumes that have been
encountered at these well locations are not currently classified as
reserves. However, a successful outcome from the workovers of
Yousefieh-2 and KHE-7 wells may lead to additional reserves being
identified.
The workover programmes will involve well testing operations
inclusive of acid stimulation and artificial lift if required.
Previous open hole testing conducted on the Yousefieh-2 well during
drilling operations recovered oil to surface in the absence of acid
stimulation, but in sub-commercial quantities.
Workover operations will initially commence on the Yousefieh-2 well
and be followed by the Yousefieh-1 well where a remedial cement
operation will be carried out. Following completion of work on the
Yousefieh wells the workover rig will then move to KHE-7 well to
commence testing operations.
Ric Malcolm, Gulfsands CEO, said
"The impressive performance from new development wells at Khurbet
East has resulted in an increase in field production from 10,700 to
in excess of 14,700 bopd. With production well KHE-11 yet to come on
stream, we remain on track to achieve our target of producing 16,000
bopd by the end of the year."
This release has been approved by Richard Malcolm, Chief Executive of
Gulfsands Petroleum Plc who has a Bachelor of Science degree in
Geology with 29 years of experience in petroleum exploration and
management. Mr. Malcolm has consented to the inclusion of the
technical information in this release in the form and context in
which it appears.

A little miffed over this in that i intended to top up this am, after seeing the SP
at day end?

cyril

well the bid materialised eventually, and though i only had a small holding, all profits welcome.

i actually topped up with GPX the other day, so i am hoping that one will also prove a healthy investment .... the jackpot for me would be a decent-sized bid for CFM, which has been indicated but is yet to be crystalised

GPX should be a pound higher !.....well it's bye bye EEN.

ah well, there were several peeps here who reckoned the bid for EEN should be north of 10.00 too .....meanwhile, i am very happy with my holding in GPX which is now nicely in the money

EK said 20 pounds for EEN, but he is sometimes ridiculous in his estimations.....I'm in Gulfsands as well and a little breakout is taking place at the moment.

indeed, for it took GPX quite a long time to break through that 200 barrier ..... ditto TLW through 1000

Been in what seems for ages waiting for this ...could be the market thinks that they could be the next target.

remeber that EEN and GPX shared the same Kurbet field (i think), so presume the reckoning is (a) that field has lots of potential and (b) sinochem may now be eyeing up GPX having taken out EEN

Sold out am, would have liked more but all in all happy my return. A 4 bagger in 19 months from starting this thread, wish i could achieve that more often and for me makes the case for investing as against trading.
aimho
cyril

Cyril, I may be missing something here but I thought the offer was for 7.50 per share which would also mean no charges to pay, so why sell now?

because there is a time element which is why the discount of sp to offer.
cyril probaly feels he can put the money to better use elsewhere

cyril .... as no one else will, please tell me what is the actual difference between trading and investing? ......
in both cases, one judges the entry and the exit point, hopefully with a profit ......
if you just go to sleep on a share (passive investor), as many do, there is a greater risk that a paper profit will turn into a bigger paper loss - there are a zillion examples of exactly that ......
if you are an active investor, then you can equally make wrong calls, but with discipline, will cut losses when they start to run away and sometimes cash in profits prematurely - only known with hindsight of course

A trader will only own a share very short-term, maybe a couple of minutes even. I have little interest in what a company does, I try and make my money and then get out and if I get out too quickly then so be it. An investor by definition is investing in the company and will generally hold the share for much longer.

In time terms, where one rolls into another is of course a grey area. I suggest you trade shares rather than invest in them.

DD ..... i think of myself as an active investor! ...... by and large, i too have little interest in what a company does, but try to make what i deem to be a respecatble profit .... this will vary, for obvious reasons and of course i make some real stinker calls too ...... dealing almost exclusively in CFDs, at least i do not have time strictures, though of course being leveraged, they can be verfy dangerous - which is why i generally reduce my portfolio when travelling

Unfortuately I am sad enough to sit here for most of the day ...

Thanks Cynic didn't want to be missing anything!

well this thread can really now be wound up so it'll do for a bit of idle chit chat

Maggie d/d has answered your question,thinking of investing my stake in
CEY (now they are below 90p),also many times i've seen such shares drop in the hope of bored holders losing patience, afterall wer're talking 2% tops?

cynic; you make some good points regarding trading/investing and i;ve over the years experienced both.For myself more investing than trafing as i'm not very good at s/term calls.
Lets take EEN as a prime example,read the header post,which in my oppinion made it imo an outstanding investment,little risk while a hugh upside. Others include KAH(which i sold much to early,31p to 84p) AFR along
with CHL. Of coutse your right to keep an eye on such stock,but it takes away the stress of short term trading.
cyril
P.S.
I'm interested in any suggestions for stock with the above qualifications

Thanks Cyril, It now takes me sooooooooooooooo long to invest in anything (used to jump in where angles fear to tread but have learned the hard way) I think I've time to wait for offer.

i think you could make far worse choices than CEY.

for myself, despite KB's little hissy fit, i am just about to have another look and BDEV, RDW, WOS and SVS and see which one (or two) looks to be the best buy or to have the best prospects ..... SVS is a probable, but a company that either physically builds or has a connection to same is another likelihood

Cyril, might I suggest TMZ and IOG, both of whom look on the `UP` and should do well in their respective fields over the course of the next 6 months / year. Particularly TMZ who are linked with IMG support and have recently taken Richard Sykes ( Sir ) at helm who I know is a very capable individual.
Only a suggestion but worth looking at.
Glad to see EEN have done well but I had 2m at one time when they were 2p and have no idea what the consolidation was as was `typically` scared when consolidation was muted and got rid of the lot !!! probably missed out an some thousands there methinks ??? good luck anyway

imo, they're both shit and wouldn't touch either, not even with yours!

Thanks for your suggestions,i'll take a look w/end.
cyril

cyril
SEY worth a look

This is where EEN Director are going

Waterford supplying the funds

Board to be strengthened with the addition of Alastair Beardsall as Executive
Chairman and Keith Henry as a Non-executive Director.

9. Proposed Board
As part of the Proposals it is currently envisaged that, conditional upon the
passing of the Resolutions at the EGM, Alastair Beardsall will join the board of
the Company as Executive Chairman. The Placing is conditional upon the
appointment of Alastair Beardsall.

Emerald Energy Plc
20 August 2009

Colombia - Capella Field Operations Update

Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the following update on operations in the Ombu block in Colombia.

Slim-hole Well Drilling Operations

Drilling operations have commenced on Capella No.SH1, the first of two slim-hole wells planned to be drilled in the Capella field to further delineate the extent of the upper Mirador sand. The Capella No.6 well encountered net potential hydrocarbon pay of 80 feet in the upper Mirador sand, greatly exceeding the previously recorded maximum net thickness of 23 feet encountered in the Capella No.2 well.

Slim-hole wells are designed to recover continuous core samples through the target formations and may be logged using special slim-hole logging tools, but cannot be utilised as production wells. As they can be drilled at substantially lower cost than a larger bore well designed for production, they are suited to cost-effective delineation of reservoir thickness in certain areas of the Capella field.

The Capella No.SH1 slim-hole well is located approximately 1.6 kilometres to the north-west of the Capella No.6 well and is expected to intersect the upper Mirador sands deeper on the structure. The well is planned to take up to one month to drill and evaluate but, as this is the Company's first such operation, may take longer.

The second slim-hole well, Capella No.SH2, is planned to be located approximately 2.5 kilometres to the south-west of the Capella No.6 well and to commence drilling after operations are completed on the Capella No.SH1 well.

Steam Injection Testing

A mobile steam generation facility has been procured and mobilised to the Capella field. The Company is currently finalising the design of a steam injection and flow testing programme, based on the results of all the well information acquired to date, to test the effectiveness of steam injection in enhancing well production rates and ultimate recovery from the reservoir. This testing programme is expected to commence during the fourth quarter of 2009.

Production Testing

The Capella field produced at an average oil rate of 255 barrels per day during the second quarter of 2009 and 284 barrels per day during July, with production levels remaining limited by market constraints.

General

The Company has been notified by the Ministry of Environment that an environmental permit has been granted for the conduct of exploration activities in the area to the north of the Capella wells drilled to date in the Ombu block; this area, previously identified as the northern environmental permit area will, in future, be known as Romero and the southern environmental permit area will continue to be known as Capella.

The Agencia Nacional de Hidrocarburos ('ANH') has notified Canacol Energy Inc. ('Canacol') that the assignment of a 10 per cent working interest in the Ombu Contract has been completed. This working interest was assigned to Canacol following the fulfilment of its obligations under the farmout agreement between Canacol and Emerald, entered into prior to the drilling of the first exploration well.

Emerald's Chief Executive Officer, Angus MacAskill, said:

'We are very pleased with the continued progress in the Capella field and look forward to the results of the slim-hole delineation wells, steam injection testing, and the previously announced horizontal well, all planned to commence this year, which together are expected to materially assist in planning the development of the Capella field.'



Thanks to all for your suggestions,topped up in CEY,i feel to be in gold at present is safe(ish) and SP at present attractive, couple that with production now underway, so hopefully it should break through the 1 barrier in the not to distant future? Also my funds are inside an ISA.
cyril

cyril

Good luck I have held CEY since Jan 2004

I have not sold my Emeralds yet hoping for a counter bid

Is there any evidence of such a bid,or is it wishful thinking?
TIA
cyril

cyril

I would think a bit early yet,7.50 does seem to cheap

How should Shareholders Vote?

Editorial on the blog:

http://emerald-energy-een.blogspot.com/2009/09/how-should-emerald-energy-shareholders.html

EEN now suspended,my decision to sell and buy CEY has turned out for the better,
up 30%.
cyril

We will miss EEN...that's for sure.....

But the money will help us over the blow!