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

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 !.