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

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