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 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