Just bought into this share, I think its cheap at the current price. I think in time this could be another BUR.

Anyone else holding this and what are other peoples opinions on it?

Thanks

Review of operations

Emerald is engaged in exploration and production of hydrocarbons in South
America and the Middle East. In South America, Emerald is participating in
association contracts with Ecopetrol, the Colombian state oil company, and is
actively seeking new exploration opportunities in Colombia and in other
countries of South America. In the Middle East, Emerald is involved in
exploration of Block 26 in Syria.

Colombia

Campo Rico Association Contract

Area of 503 sq km;
Contract awarded in May 2002 with an exploration period of up to
six years and an exploitation period of up to 22 years;
During exploration period, Emerald conducts all activities at its
own risk;
During exploitation period, Ecopetrol and Emerald participate on a
50/50 basis, subject to recovery by Emerald of reimbursable costs from
Ecopetrol's share of production.

The Campo Rico block is in the Llanos basin. Emerald currently operates two
fields in the block: the Campo Rico field and the Vigia field. In addition,
having completed the acquisition of a 3D seismic survey totalling 172 sq km,
Emerald has identified opportunities for exploration drilling outside of the
Campo Rico and the Vigia fields.

Campo Rico field

The Campo Rico field was discovered in March 2004 and the cumulative oil
production from the field at the end of 2005 was 1,068,000 barrels.

The Campo Rico #1 discovery well was drilled to a depth of 11,795 ft in March
2004. The well was brought on production in May 2004. The Campo Rico #2 and #3
development wells were drilled directionally from the site of the Campo Rico #1
well to measured depths of 11,354 ft and 11,287 ft, respectively. The field was
brought on full production in July 2005, after remedial cementation was
performed on the Campo Rico #2 and #3 wells to resolve the problem of excessive
water production. The field produces 16degrees API crude oil from Mirador sands.
The average production rate achieved by the field in 2005 was 2,317 bopd.

In the first quarter of 2006, the Campo Rico field experienced reduced
production rates resulting from the failures of surface hydraulic pumps, poorly
maintained by the contractor. New surface pumps are being purchased to replace
the rented ones. In addition, the wells are being evaluated for production with
larger electrical submersible pumps (ESPs), and, if found suitable, the first
ESPs should be installed and operational by the end of the third quarter of
2006. In the first quarter of 2006, the Campo Rico field was produced at an
average rate of 2,578 bopd.

On 28 December 2005, Ecopetrol granted the Campo Rico field commerciality
status; Ecopetrol now participate with Emerald in commercial exploitation of the
field. Under the terms of the Campo Rico Association Contract, Emerald has the
right to recovery of reimbursable costs from 50% of Ecopetrol's share of
production. Once the recovery of reimbursable costs is complete, production and
costs associated with the operation of the field will be shared equally between
Emerald and Ecopetrol.

As at 31 December 2005, the Campo Rico field was estimated by the Company to
contain 7.6 million barrels of Proved plus Probable plus Possible reserves of
oil.

Vigia field

The Vigia field was discovered in April 2005 and the cumulative oil production
from this new field at the end of 2005 was 112,000 barrels.

The Vigia #1 discovery well was drilled to a depth of 11,120 ft in April 2005
and brought on production in July 2005. The Vigia #2 and #3 appraisal wells were
drilled directionally from the site of the Vigia #1 well to measured depths of
11,680 ft and 11,070 ft, respectively.

The field produces 16degrees API crude oil from the Une and Lower Gacheta sands.
In the period from 1 July to 31 December 2005, the field was produced at an
average rate of 611 bopd. In 2005, production was restricted by the limited
capacity of the early production facilities in the field, particularly with
respect to water handling. In the first quarter of 2006, the field was produced
at an average rate of 1,179 bopd.

The Vigia field is currently being produced under the production test provision
of the Campo Rico Association Contract. Emerald has applied for commerciality
status for the Vigia field and expects Ecopetrol to grant it shortly. On
granting the Vigia field a commerciality status, Ecopetrol will join Emerald in
commercial exploitation of the field. Under the terms of the Association
Contract, Emerald has the right to recovery of reimbursable costs from 50% of
Ecopetrol's share of production. Once the recovery of reimbursable costs is
complete, production and costs associated with the operation of the field will
be shared equally between Emerald and Ecopetrol.

As at 31 December 2005, the Vigia field was estimated by the Company to contain
4.9 million barrels of Proved plus Probable plus Possible reserves of oil.

Exploration opportunities in the Campo Rico block

In the second half of 2005, Emerald completed the processing and interpretation
of the 3D seismic data acquired over some 172 sq km of the Campo Rico block. In
addition to appraising the development potential of the existing fields, the
survey was designed to identify new prospects in the block. As a result of this
programme, Emerald has identified two prospects for immediate drilling: Centauro
Sur and Las Acacias.

The Centauro Sur prospect lies to the southwest of Campo Rico field. The
Centauro Sur #1 exploration well was spud on 14 March 2006 and at the date of
this report has reached its total depth of 11,265 feet. The well has been logged
and casing run in order to flow test a potential hydrocarbon zone identified by
the logs.

The Las Acacias prospect lies to the southwest of Vigia field. The Acacias #1
exploration well will be spud by the end of April or in early May.


Matambo Association Contract

Area of 69 sq km;
Exploration and exploitation rights extend to November 2024;
During exploration period, Emerald conducts all activities at its
own risk;
During exploitation period, Ecopetrol and Emerald participate on a
50/50 basis, subject to recovery by Emerald of reimbursable costs from
Ecopetrol's share of production.

The Matambo block, located in the Upper Magdalena valley, contains the Gigante
field. The Gigante field is operated with a single well, Gigante #1A. The
cumulative oil production from the Gigante field at the end of 2005 was
2,053,000 barrels.

Emerald has operated the Gigante field on a 'sole risk' basis from 1 February
2003. Under the sole risk provision of the Matambo Association Contract, Emerald
is entitled to recover the reimbursable costs incurred during exploration and
sole risk periods. A reserved zone of up to 5 km around the sole risk area has
been established; Emerald retains exclusive exploration rights within this zone
without any additional work obligations.

The Gigante #1A well continued to produce 32degrees API gravity crude oil at an
average rate of 676 bopd during 2005, compared to 715 bopd achieved in 2004. The
decline in the productivity of the well was caused by a hole in the production
tubing that occurred in the last quarter of 2005. The well continued production
at a restricted rate until the workover was completed in February 2006. As part
of the workover, the downhole hydraulic jet pump has been replaced with a larger
capacity electric submersible pump (ESP).

As at 31 December 2005, the Gigante field was estimated by the Company to
contain 17.9 million barrels of Proved plus Probable plus Possible reserves of
oil.

Fortuna Association Contract

Area of 219 sq km;
Contract awarded in December 2003, exploration period of up to six
years and exploitation period of up to 22 years;
During exploration period, the associate (Emerald 90%, Geoadinpro
S.A. 10%, with Emerald carrying Geoadinpro's share of the costs) conducts all
activities at is own risk;
During exploitation period, Ecopetrol and the associate
participate on a 20/80 basis, subject to recovery by the associate of
reimbursable costs from Ecopetrol's share of production.

The Fortuna block lies in the Middle Magdalena basin. The contract area includes
the Totumal oil field, produced by Ecopetrol until it was abandoned in 1993
after producing over 800,000 barrels of oil. The principal exploration prospects
being developed by Emerald are in the shallower Lisama sands that flank the
Totumal field high. Three oil fields that have produced from the Lisama sands
lie just to the south of the Fortuna block.

The Silfide #1 exploration well was drilled in October 2005 to a measured depth
of 5,114 ft and discovered oil producing sandstones. The well was put on test
production in late December 2005 and is currently producing about 30 bopd.
Analysis of seismic, drilling and logging data indicates that the well has
penetrated a secondary target and not the primary Lisama target. Ecopetrol
granted Emerald a three-month extension to the current exploration period to
evaluate the Silfide discovery before the Company either commits to drilling a
further well on the block, applies for commerciality for Silfide, or returns the
block to Ecopetrol.

El Algarrobo Association Contract

The Agueda #1 exploration well was drilled in March 2006 to a depth of 9,980 ft.
The well was tested but no hydrocarbons were recovered and the well was plugged
and abandoned. As Agueda was the only prospect identified in the block, and
drilling of Agueda #1 satisfied the minimum work obligations under the contract,
the Company now plans to terminate the association contract. Currently, Emerald
has a 50% non-operating interest in the El Algarrobo Association Contract.

Technical Evaluation Agreements (TEAs)
The Company has completed its evaluation of the Mantecal and Altamira study
areas granted under the respective TEAs and elected not to apply for exploration
contracts within the two areas. The Company continues to evaluate possible leads
in the Cachama and Las Brisas TEA areas and has until June 2006 to complete its
study and apply for and negotiate exploration contracts over any parts of the
study areas.

Production
In the reporting period, all of Emerald's production came from the Campo Rico
block (the Campo Rico and the Vigia fields) and the Matambo block (the Gigante
field). In 2005, Emerald achieved an average gross production rate of 3,301
bopd, 150% increase on 1,322 bopd achieved in 2004. On the entitlement basis, in
2005, Emerald achieved 2,293 bopd compared to 1,128 bopd achieved in 2004.

Producing fields
--------------------

Campo Rico Vigia Gigante Total
mbbl mbbl mbbl mbbl
-------- ------- -------- -------
-------- -------
Gross attributable production 846 112 247 1,205
Royalty petroleum (68) (9) (49) (126)
Ecopetrol entitlement production (242) -- -- (242)
-------------------- -------- ------- -------- --- -------
Emerald entitlement production 536 104 198 837
-------------------- -------- ------- -------- --- -------

In the first quarter of 2006, Emerald's gross production averaged 4,336 bopd,
compared to 4,451 bopd achieved in the fourth quarter of 2005. This 2.5% decline
in production is a result of failures of the rented surface equipment at the
Campo Rico and Vigia fields as well as constrained production from the Gigante #
1A well in the period leading up to, during and immediately after its workover.
As the surface facilities at the producing fields are upgraded, higher
production levels will be achieved.


Syria

Block 26 Production Sharing Contract

Area of 11,000 sq km;
Production Sharing Contract (PSC) awarded in May 2003, initial
exploration period of 4 years, with options to extend for a further 3 years and
then 2 years and exploitation period of up to 25 years;
Emerald has 50% non-operating working interest in the contract;
Royalty of 12.5%; cost recovery allowance with profit oil share
reducing on a sliding scale basis.

Block 26 is situated in northeast Syria and its boundaries surround existing
discovered fields, some of which have been developed and currently produce in
excess of 100,000 bopd, including the Souedieh field, the largest oil field in
Syria. Production from these fields is from mid-Cretaceous limestone reservoirs
that produce medium gravity 20-26degrees API crude oil. These existing fields
are excluded from the PSC but the deeper stratigraphic levels below them are
not. To date, 31 leads and prospects have been identified in the block. Two
drilling rigs have been contracted to drill three firm wells with options to
drill a further two wells. Two prospects have been selected to commence the
drilling programme in 2006: Souedieh North and Tigris.

Souedieh North prospect

Souedieh North is a Cretaceous target situated within the northeast part of the
block, located between the existing Souedieh and Karatchok fields. North
Souedieh #1, a vertical exploration well, will be drilled to an approximate
depth of 7,200 ft. The well is planned to be spud in the second quarter of 2006.

Tigris prospect

The second prospect, Tigris, is also located in the northeast part of the block.
The Tigris structure is directly underlying the Souedieh oil field. Ryder Scott
Company LP ('Ryder Scott') has prepared an independent reserves study for the
Tigris structure. The data used for the study includes the wireline logs from a
well drilled into the structure in 1994 and the extensive 3D seismic data
available for the Souedieh field. The Ryder Scott study has concluded that there
are nine potentially productive zones contained within Palaeozoic age reservoirs
penetrated by the earlier well bore. Due to the limited nature of the available
data, Ryder Scott was unable to determine the expected type of hydrocarbons
contained within the structure. Addressing this uncertainty, Ryder Scott
developed two cases for their evaluation:

If Tigris is a natural gas accumulation, it is estimated to contain 442
bcf of Probable Reserves; a further 442 bcf of Possible Reserves; and a
further 3,447 bcf of Prospective Resources.

If Tigris is an oil accumulation, it is estimated to contain 104
mmbbl of oil and 64 bcf of gas as Possible Reserves and further 408
mmbbl of oil and 245 bcf of gas as Prospective Resources.

Tigris #1, a vertical exploration well, will be drilled to an approximate depth
of 14,700 ft with the primary objectives being a series of Carboniferous and
Devonian sandstone reservoirs. The well is planned to be spud in the third
quarter of 2006.

New ventures

During 2005, Emerald evaluated several new ventures, some in great detail,
including the purchase of its 50% working interest in Block 26 in Syria. In the
second half of 2005, the exploration department in Colombia has been
strengthened with a wider remit to look both in Colombia and in the surrounding
countries of South America. Emerald's objectives remain to grow its reserve base
and to increase its net production through exploration and acquisition of
assets.


Proved plus Probable reserves

Colombia

The table below summarises the gross attributable Proved plus Probable reserves
in Colombia as at 31 December 2005. Gross attributable reserves are defined as
total field reserves, including royalty oil and any Ecopetrol's entitlements,
but excluding participation of other parties forming the Associate under the
terms of the association contracts with Ecopetrol.

Producing fields
--------------------

Campo Rico Vigia Gigante Total
Proved plus Probable reserves of mbbl mbbl mbbl mbbl
oil: -------- ------- -------- -------
-------- -------
As at 31 December 2004(1) 5,328 -- 7,954 13,282
Revisions(2) -- 2,395 -- 2,395
Production (846) (113) (247) (1,205)
-------------------- -------- ------- -------- --- -------
As at 31 December 2005 4,482 2,282 7,707 14,472
-------------------- -------- ------- -------- --- -------
(1) Source: Reserves Evaluation of the Gigante and Campo Rico fields, by RPS
Energy (formerly, RPS Troy-Ikoda), dated 17 March 2005.
(2) Source: Evaluation of Vigia field, by RPS Energy, dated 2 March 2006.

Syria
The table below summarises Emerald's 50% interest Proved plus Probable reserves
in Syria as at 31 December 2005, under the assumption that the Tigris field is a
gas accumulation.

Oil Gas
------------- ------------

Proved plus Probable reserves: mbbl bcf
------------- ------------

As at 31 December 2004 -- --
Revisions(3) -- 221
Production -- --
----------------------- ------------- ------------
As at 31 December 2005 -- 221
----------------------- ------------- ------------
(3) Source: Estimated Reserves and Prospective Resources Attributable to Tigris
Field Syria, by Ryder Scott Company LP, dated 27 January 2006.

If the Tigris field is an oil accumulation, it is estimated to contain 104
million barrel of oil and 64 bcf of gas Possible reserves (62 million barrels of
oil and 32 bcf of gas net to Emerald).

Alastair Beardsall

Chief Executive

18 April 2006

een on the move

Gulfsands was up 17% yesterday on new adviser T&G bullish on Syria and Iraq. FT pg 40 today.

If youve had a good day please consider giving a donation to the lads dressed as Elvis racing 350 miles to the North Pole on behalf of Great Ormond Street Hospital It makes the London Marathon seem like a stroll in the park!
To donate or view how theyre getting on visit
http://www.elvispolarchallenge.co.uk/
thanks for your time

heading for 3 + IMO

But as always dyor

Got first batch at 0.5p,what agreat outfit,wait for syria,will see this really motor,right on dfgo.

nice rise today

from 2005 report

UK based management and staff are reviewing further opportunities to acquire new exploration acreage.

Farm-in to existing acreage with established partners and acquire established assets in new international locations


The exploration department in Colombia has been strengthened and given a wider
remit to look both in Colombia and in the surrounding countries of South
America.

Emerald's objectives remain to grow its reserve base and to increase its net production through exploration and acquisition of assets.

21/4/2005 result and update pdf

http://www.emeraldenergy.com/investor-presentations.htm

DFGO;
Its been a long journey but all worthwhile, a definate breakout.
With drilling of 2 new wells imminent, especially the Syrian one hoping upwards
to 5 in the not to distant future?
cyril

niceonecyril
and waiting on the perforations and testing of Centauro Sur #1

Centauro Sur #1, spud in March 2006,has been drilled to a total depth of 11,265 feet using Pride Rig 14. The well logs identified a zone with potential hydrocarbons; and production casing is being run so that a flow test of the zone can be conducted

a lot of new information in 21/4/05 update pdf
http://www.emeraldenergy.com/investor-presentations.htm

DFGO, another plus in my view is the Gigante 1 rework which as you know
has had teething problems(although increasing output from former levels). Once the generator issue has been sorted i
have a gut feeling we could see 1500bopd, nothing more than that. But
their will be an increase in output thats for sure, not worth time and effort
(not to mention costs)otherwise.
cyril

niceonecyril

I agree, it will be somewhere in that region it would be nice to see 2,000bopd
about half off original output.

Remember Ecopetrol reimburse costs, but only 50% now they have backed in for there 50%

A real breakout in progress, 329.78/335.93p. A week ago these
were trading in the region of 260p.
cyril

Must be due an updated report from Evolution soon. Anyone got access to them - I seemed to lose mine recently when they changed the registration rules. Need some new figures to sustain this current price from those currently showing as brokers forecasts.

http://personalfinance.iii.co.uk/articles/articledisplay.jsp?section=Share%20Tips&article_id=2920217

3 small cap picks - EEN

You would have to say that it has been a long and volatile progression higher for Emerald over the past couple of years. While it is usual to say that any stock or market near its highs seems to be an attractive proposition, in this case there are a couple of reasons for being optimistic regarding the upside. The first is that last month?s support is well-above December resistance, and the second is that even though we have relatively high share price levels, the RSI has just nudged over the overbought 70 level at 75. This means that one could go long at current levels with an end of day close stop loss below the 50 day moving average at 260p. Indeed, a strong momentum trade is now on after the end of day close above the 2006 descending price channel at 275p. Assume an eventual 2004 resistance line target of 475p

Emerald Energy PLC
26 April 2006


Emerald Energy Plc


FOR IMMEDIATE RELEASE 26 April 2006


Operations Update - Syria


Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the
following update:


Drilling of the Souedieh North No.1 exploration well has commenced. This
vertical well will be drilled to an approximate total depth of 2,260 metres with
the primary objective being Cretaceous reservoirs similar to those producing in
the adjacent Souedieh and Karachok oil fields. The drilling and logging of this
well should be completed within the next 30 days.


Emerald holds a 50% working interest in the contract for exploration and
production for Block 26, Syria, through SNG Overseas Ltd, a 100% owned
subsidiary. The operator of Block 26 and holder of the remaining 50% is
Gulfsands Petroleum Plc.


Alastair Beardsall, Emerald's Chairman, said:

'Souedieh North No.1 is the first of several exploration wells planned to be
drilled before August 2007 and marks the start of an exciting Block 26
exploration drilling campaign.'



Enquiries: Helen Manning 020 7925 2440

Spuds Syrian Exploration Well

RNS Number:9756B
Gulfsands Petroleum PLC
26 April 2006

26 April 2006

Gulfsands Petroleum PLC

("Gulfsands" or "the Company")

Gulfsands Commences Drilling Souedieh North Well in Block 26, Syria

Gulfsands Petroleum PLC (symbol GPX), the AIM listed oil and gas exploration,
development and production company with activities in the USA, Syria and Iraq,
announced today that the Company has commenced drilling the Souedieh North well
within Block 26, Syria.

Gulfsands, the operator and 50% working interest owner in Block 26, has
commenced the drilling of the Souedieh North exploration well located in the
northeast region of Block 26. This vertical well will be drilled to an
approximate total depth of 7,216 feet with the primary objective being
Cretaceous aged reservoirs similar to those producing in the adjacent Souedieh
and Karachok oil fields. This prospect has the potential to contain in excess
of 100 million barrels of recoverable oil (Gulfsands' internal estimate of
potential). The drilling and logging results for this well should be completed
within the next 30 days. The net cost to Gulfsands for drilling and evaluating
this well is approximately $800,000.

Gulfsands' CEO, John Dorrier, said:

"Souedieh North is the first well in our Block 26 exploration drilling campaign
and will test a low cost, high potential prospect in a reservoir that is
currently producing oil in adjacent fields. The Company utilized seismic
analysis from the adjacent Souedieh Field to identify the prospect and drilling
success here can be rapidly followed up in similar nearby prospects.
Furthermore, the Company has a large inventory of independent prospects
available for drilling during the coming months in its exploration and appraisal
work in Block 26, including the Tigris structure which is expected to commence
drilling this August."

Excellent break out, the last couple of days. We've now cleared all obstacles to attacking 2000's 500p level. If Souedieh North shows wet, we may get there sooner than we think. 30 days and counting . . .

sd

What a bargain The net cost to Gulfsands for drilling and evaluating the Souedieh North No.1 well is approximately $800,000.


Alastair Beardsall, Emerald's Chairman coments.

"Souedieh North No.1 is the first of several exploration wells planned to be
drilled before August 2007 and marks the start of an exciting Block 26
exploration drilling campaign."

..........................................................

Gulfsands' CEO, John Dorrier coments

'Souedieh North is the first well in our Block 26 exploration drilling campaign
and will test a low cost, high potential prospect in a reservoir that is
currently producing oil in adjacent fields. The Company utilized seismic
analysis from the adjacent Souedieh Field to identify the prospect and drilling
success here can be rapidly followed up in similar nearby prospects.
Furthermore, the Company has a large inventory of independent prospects
available for drilling during the coming months in its exploration and appraisal
work in Block 26, including the Tigris structure which is expected to commence
drilling this August.'

Third day in a row this share has been heading down,but i suppose it will bounce back.