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

nice bounce today up 18.7% from yesterday

only 3 days to AGM and hopefully news before then on Colombia and Syria

Emerald Energy Plc


FOR IMMEDIATE RELEASE 24 May 2006


Operations Update - Syria


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


The Souedieh North well in Block 26, Syria has been drilled to a depth of 7,298
feet. While drilling, the well encountered a series of live oil and gas shows.
Wireline logs of the Tertiary reservoir section of the well indicate hydrocarbon
bearing zones.

The operator is currently preparing to obtain wireline log data over the
Cretaceous reservoir section in the well after setting an intermediate string of
casing over the Tertiary section to maintain wellbore stability.


Further results from the well should be forthcoming within the next few weeks.


Alastair Beardsall, Emerald's Chairman, said:

'Initial results of the Souedieh North No.1 well are very encouraging; further
logging and testing of the well is required to fully evaluate it.'


Emerald holds a 50% interest in Block 26 in its 100% subsidiary SNG Overseas
Ltd.


Enquiries: Helen Manning 020 7925 2440






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

Emerald Energy Plc


FOR IMMEDIATE RELEASE 24 May 2006


Operations Update - Colombia


Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the
following update:


Exploration


The Las Acacias No.1 exploration well has been drilled to a total depth of
10,930 ft. The Las Acacias prospect is located to the south of the Vigia field.
Wireline logs identified a potential hydrocarbon zone, casing has been run and
cemented and the well is being prepared for production testing. Saxon Rig 223
will then be moved to drill Las Acacias No.2 and drilling should commence early
June 2006.


Centauro Sur No.1 exploration well continues to produce at approximately 250
bopd and a second well on the Centauro Sur field is being planned for later in
2006.


Production


Daily gross production for 1st quarter 2006 averaged 4,400 bopd. During April
and May production continued to be impaired by the failures of rented surface
hydraulic pumps at the Campo Rico and Vigia fields and, in addition, the failure
of downhole pumps in Vigia No.1 and Campo Rico No.1 wells. These wells during
1st quarter 2006 produced at an average rate of 954 bopd and 760 bopd
respectively and when removed from production had a significant impact. Average
production for May to date is 3,400 bopd.


The downhole pump in Campo Rico No.1 has been replaced and the well returned to
production. Vigia No.1 is being worked over and an electric submersible pump
installed to replace the downhole jet pump; it is expected that the well will be
returned to production by end of May. New surface hydraulic pumps have been
purchased for the Campo Rico and Vigia fields as planned and will be installed
during June 2006.


The Company is preparing to replace hydraulic jet pumps at Campo Rico No.1, 2
and 3 wells with electric submersible pumps to improve the reliability of
production levels.



Alastair Beardsall, Emerald's Chairman, said:

'We have started a programme to replace our production equipment, both at
surface and downhole, to reverse the recent decline in production and to improve
the reliability of our operations. This programme will take several weeks to
complete and will result in a better operation of Emeralds assets.'


Enquiries: Helen Manning 020 7925 2440


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

Emerald Energy Plc


FOR IMMEDIATE RELEASE 24 May 2006


Operations Update - Colombia


Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the
following update:


Exploration


The Las Acacias No.1 exploration well has been drilled to a total depth of
10,930 ft. The Las Acacias prospect is located to the south of the Vigia field.
Wireline logs identified a potential hydrocarbon zone, casing has been run and
cemented and the well is being prepared for production testing. Saxon Rig 223
will then be moved to drill Las Acacias No.2 and drilling should commence early
June 2006.


Centauro Sur No.1 exploration well continues to produce at approximately 250
bopd and a second well on the Centauro Sur field is being planned for later in
2006.

Saxon Rig 223 will then be moved to drill Las Acacias No.2 and drilling should commence early June 2006.

Emeralds partener

Gulfsands Petroleum PLC
24 May 2006

24 May 2006


Gulfsands Petroleum PLC
('Gulfsands' or 'the Company')


Preliminary Results from Souedieh North Well in 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,
is pleased to announce that the Company has drilled the Souedieh North well in
Block 26, Syria to a total depth of 7,298 feet. While drilling, the well
encountered a series of live oil and gas shows in both the primary and the
secondary reservoir objectives and wireline electric logs analysis indicates oil
bearing pay within this well. Gulfsands is the operator and 50% working
interest owner in Block 26.


Live oil and gas shows were encountered while drilling through the secondary
objective Tertiary-age reservoirs. Electric wireline logs have been run in the
Tertiary reservoir section of the well and independent log analysis indicates
some 61 feet of potential net oil pay over a gross interval of 142 feet.
Acquisition of additional information is required to determine the potential
significance of this zone.


Live oil and gas shows were also encountered while drilling through the primary
objective Cretaceous-age reservoirs. The Company is currently preparing to
obtain wireline log data over the Cretaceous reservoir section in the well after
setting an intermediate string of casing over the Tertiary section to maintain
wellbore stability.


Further results from the well should be forthcoming within the next few weeks.


Gulfsands' CEO, John Dorrier, said:


'Initial results of the Souedieh North-1 well are very encouraging. We expect
further electric logging and testing of the well during the next several weeks
to confirm the well is a commercial oil discovery.'

OIL strike at SN in Syria,great news,right on dfgo.

Emerald's Colombian ops daily gross output down due to pump failures in Apr, May
AFX


LONDON (AFX) - Emerald Energy PLC said daily gross production at its Colombian operations in the first quarter this year averaged 4,400 bopd while April and May production continued to be hit by pump failures.

In a statement, the company said average production for May to date fell to 3,400 bopd, hit by the pump failures at the Campo Rico and Vigia fields.

These wells produced an average 954 bopd and 760 respectively in the first quarter.

Chairman Alastair Beardsall said: 'We have started a programme to replace our production equipment, both at surface and downhole, to reverse the recent decline in production and to improve the reliability of our operations.

'This programme will take several weeks to complete and will result in a better operation of Emeralds assets.'

The company said wireline logs at the Las Acacias No 1 exploration well identified a potential hydrocarbon zone, and the well is being prepared for production testing.

A rig will then be moved to drill Las Acacias No.2 and drilling should commence early June 2006.

It said Centauro Sur No.1 exploration well continues to produce at about 250 bopd and a second well on the Centauro Sur field is being planned for later in 2006.

All in all a fabulous daty for EEN.
Syrian news is really exciting,as good as one could expect.
Columbian problems, annoying but thats all.Near future with upgraded equipment,
flow rates doubling is possible.
Off out to toast my only success.
Bring on IEC, production output expected.
cyril

rumour EEN merging with Gulfsands/taking over Gulfsands

From Oilbarrel
http://tinyurl.com/lxs5x



25.05.2006
Gulfsands And Emerald Boosted By Early Exploration Results From Syria
Shares in Gulfsands Petroleum added 9 pence, or 6 per cent, to 159 pence on Wednesday when preliminary well results appeared to indicate a promising oil strike in Syria amid rumours of a possible bid for the AIM-quoted firm. Its 50/50 partner in Syria, Emerald Energy, also gained, surging 24.25 pence to 289 pence as it released positive news from the Middle East and Colombia.

The Syrian project has long excited Gulfsands followers. The company holds producing assets in the US and can boast an MoU for a large gas monetization project in southern Iraq but it is the companys operatorship of Block 26 in Syria that has promised the near-term exploration excitement.

That promise started to look a little firmer yesterday when the company announced it had drilled the Souedieh North-1 well to a total depth of
7,298 ft, encountering a series of live oil and gas shows in the primary and secondary reservoir objectives on the way down.

The company has identified a shallow secondary Tertiary-age reservoir, with 61 feet of net oil pay over a gross interval of 142 feet. According to the companys brokers Teather & Greenwood, this reservoir is close to water-containing rocks and as such there is a chance there could be some degradation of the oil, which could have a low API and poor recoverability.

However, the Tertiary is a bonus because the real objective of drilling Souedieh North was always the deeper Cretaceous-age reservoirs. And this is where the news gets really good. Live oil and gas shows were encountered while drilling through this interval and two potential oil and gas zones have been identified. Teather & Greenwood report that this interval appears to be larger than expected: the well carried a pre-drill expectation of 100 million barrels of recoverable oil in the Cretaceous, which may now prove conservative, while there are additional reserves in the Tertiary.

Gulfsands chief executive John Dorrier said the results were very encouraging. We expect further electric logging and testing of the well during the next several weeks to confirm the well is a commercial oil discovery."

Those results will be eagerly anticipated by investors and, if positive, will go some way to de-risking some of the 31 other prospects identified on the 11,000 sq km block. The next well to spud on the acreage is the Tigris prospect, which underlies the Souedieh field.

Tigris was previously drilled by state oil firm SPC but the well ran into difficulties (it took 15 months to drill) and despite finding potential hydrocarbon-bearing zones was never tested. This is a large structure and could hold more than 500 million barrels of oil equivalent. The proof will, of course, lie with the drillbit and there isnt long to wait: the well is scheduled to spud in August.

Emerald Energy, in a departure from its strategy of focusing on Colombia, joined Gulfsands in Syria last year. Given yesterdays news, that move looks increasingly astute. The company is also making progress in the South American country: yesterday it announced Las Acacias-1 well had reached total depth of 10,930 ft, encountering a potential hydrocarbon zone on the way down. The well is now being prepared for production testing, after which the rig will sink the Las Acacias-2 appraisal. In the meantime the Centauro Sur-1 exploration well is producing around 250 barrels of oil per day and a second well is being planned for the structure later this year.

Less positive for Emerald investors, however, are the recent production numbers (although confirmation of a major oil strike in Syria will offset these niggles in Colombia). Output for the first quarter averaged 4,400 bpd but has since declined to around 3,400 bpd due to equipment failures on the Campo Rico and Vigia fields. A downhole pump on the Campo Rico-1 well has been replaced and the well returned to production. Vigia-1 is being worked over and should return to production by the end of the month. New surface hydraulic pumps have been purchased for the fields and will be installed during June. The company also intends to install electric submersible pumps downhole to improve the reliability of production levels. Even so, depending on the next set of well results, this could become something of sideshow to the main attraction in the Middle East.
< back

Should be a very interesting AGM tomorrow, so m many issues to clear up.
cyril

copied from advfn

stevea171 - 25 May'06 - 14:36 - 1945 of 1980


Sommet2. Some facts I published on Emerald board recently:

Just looking at a few metrics wrt Emerald and Gulfsands.

With Gulfsands reporting last Monday and both having a year end of 31/12, it is now possible to do the comparison on an up to date basis for the first time in a while:

..............................Emerald $m..................Gulfsands $m
........................2003.....2004......2005......2003.....2004.....2005
Sales................. 5.0......12.6.......32.1........6.9......33.1......45.0
Profit before tax...0.3...... 3.6........ 8.1........(2.1).....3.5.......1.5
Profit after tax..... 0.1...... 5.0........ 4.2........(2.1).....1.6......(3.9)
EPS................... 0.3c.....11.3c..... 8.2c...................2c......(5c)
Net cash.........................23.6.......20.7.................19.6......36.6
Shares in issue mil..........49.5m.....56.0m...........................93.5m
Share Price.................................270p.............................154p
Capitalization Stg.......................151m.............................144m
P/E Ratio.....................................57.................................NA
Reserves, ex Syria 2P.................14.5mbo.........................32bcf
Reserves, Tigris gas 2P...............221bcf...........................221bcf
PEP/ISAable............................... Yes.........................No



**********************************************************************************
stevea171 - 21 May'06 - 11:44 - 14397 of 14406 edit

Present valuation v's reserves.

In reaching valuations of O&G companies, reserves is the most important measure. We know that Emerald uses particularly conservative reserves estimates iso Gigante and CR block (Gigante in particular is a joke!). However let us just take the company figures at face value and see where that leads us.

Reserves, 2P Colombia: 14.5 mbo
Reserves, 2P Tigris: 221 bcf (@.1781 to 1mbo) = 39.5 mboe
Total Reserves: 54 mbo/mboe

Using a conservative valuation of $7.5/barrel oil in ground (valuations confirmed by actual oil asset sales are improving all the time due to the rising price of oil):

Valuation of reserves: 54 x $7.5 = $405 m = 217 million
Present Market Cap at 270p: 151 million

So ignoring Emerald's $20 m cash at 31/12, the present company valuation is 30% below a reasonable valuation of its current 2P reserves.

Share price corresponding to fair reserves valuation: 387p

If we now assume success at Souedieh North, where results could be announced at any time, in line with estimates of 100 mbo recoverable, 50 mbo to Emerald, then this would almost double the reserves to 104 mbo/mboe.

Fair corresponding sp for Emerald's 2P reserves, incl Souedieh North: 745p

Roll on drilling news in Block 26.

Re above arithmetic . . .

Deduct 20 cash from market cap to get 121m, which is 45% below resereves valuation.

Conversely, add 20m to reserves valuation = 237m, divided by 56m shares is 4.23 per share.

Plus Syrian values as well, of course.

Looking good to hold for the medium, if not long, term.

sd

Prospects for this Company look good. However as a possible investor I have two concerns.
1. The political risk for which there needs to be an acceptable risk premium.
2. All Directors have been awarded large generous stock options but apart from one small holding owned by one director the rest do not own any shares in the Company.

I guess we just await outcome off the following.

A detailed study of the drilling, wireline and sidewall core data from the well
is being undertaken with a review of the seismic data over the area. The well
will be suspended in order to complete these studies and determine if these
reservoirs may be suitable for a fracture stimulation, or similar, testing
program, or whether the well should be deepened. No production testing has been
performed on the well but may be considered as part of any future testing
program after these further analyses have been completed.




Drilling Report

RNS Number:9511D
Emerald Energy PLC
02 June 2006





Emerald Energy Plc


FOR IMMEDIATE RELEASE 2 June 2006

Operations Update - Syria - Souedieh North No.1 Well

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

The drilling of Souedieh North exploration well in Block 26 Syria has been
completed. While drilling a series of hydrocarbon shows were recorded and
analysis of the electric wireline logs in the Tertiary and Cretaceous reservoir
sections of the well indicate potential hydrocarbon zones. However, wireline
conveyed sampling tools did not recover any hydrocarbon fluids. Preliminary
analysis indicates that the hydrocarbon is low API gravity oil with a high
viscosity and the low porosity and permeability reservoirs may produce fluid
after mechanical or chemical stimulation.

A detailed study of the drilling, wireline and sidewall core data from the well
is being undertaken with a review of the seismic data over the area. The well
will be suspended in order to complete these studies and determine if these
reservoirs may be suitable for a fracture stimulation, or similar, testing
program, or whether the well should be deepened. No production testing has been
performed on the well but may be considered as part of any future testing
program after these further analyses have been completed.

Alastair Beardsall, Emerald's Chairman, said:

"It is frustrating to see shows while drilling, and record an apparent
hydrocarbon column on the wireline logs, yet not be able to recover any
hydrocarbon fluids. We shall study the results from the well and determine any
further work program accordingly. The evidence from the Souedieh North well is
encouraging and will help to evaluate the other Cretaceous leads on Block 26.
Our efforts and attention will now move to the drilling of Tigris No.1 that is
scheduled to start in August"

Emerald holds a 50% interest in Block 26 in its 100% subsidiary SNG Overseas
Ltd.

Enquiries: Helen Manning 020 7925 2440


Gulfsands Petroleum PLC
02 June 2006

2 June 2006



Gulfsands Petroleum PLC
('Gulfsands' or 'the Company')


Gulfsands Completes Drilling Operations on Souedieh North Well


Gulfsands Petroleum PLC (symbol GPX), the AIM listed oil and gas exploration,
development and production company with activities in the USA, Syria and Iraq,
announces that the Company has concluded initial drilling operations and has
suspended the Souedieh North well in Block 26, Syria pending further analysis of
the well data.


As reported previously, the well encountered a series of live oil and gas shows
in both the primary and the secondary reservoir objectives while drilling.
Wireline electric logs were run within both the primary and secondary
objectives, Tertiary and Cretaceous reservoirs, which indicated oil-bearing pay
zones within both objectives. However, wireline fluid tests of these intervals
did not recover moveable oil. Preliminary analysis shows that the oil is low
API gravity/high viscosity in the Tertiary reservoirs, and that the lower
porosity and permeability Cretaceous reservoirs at this location may produce oil
after mechanical or chemical stimulation. Gulfsands is the operator and 50%
working interest owner in Block 26.


Independent log analysis of the electric wireline logs in both the Tertiary and
Cretaceous reservoir sections of the well indicated some 80 feet of potential
net oil pay. Although live oil was collected in the samples during drilling, no
oil was recovered during wireline tests of these zones. A full review of the
drilling, sample, wireline and sidewall core data is being undertaken, in
conjunction with a further review of the seismic data over the area. Due to the
apparent oil column seen in this well the Company has decided to suspend the
well in order to complete these studies and determine if these reservoirs are
candidates for fracture stimulation or a similar stimulation testing program, or
whether the well should be deepened. No production testing has been performed
on the well but will be considered as part of a future testing program after
these further analyses have been completed.



Gulfsands' CEO, John Dorrier, said:



'We are disappointed not to recover movable oil in this well after encountering
good oil shows while drilling and recording an apparent oil column on the
wireline logs. Further work on the information gathered in this well may
justify further testing, stimulation or deepening operations in the well, and
will certainly be very useful in evaluating the numerous other prospects seen on
the block. The geologic and operations data gathered during drilling Souedieh
North will certainly help in the drilling of the Tigris-1 well scheduled for
August this year.'




Enquiries:
Gulfsands Petroleum (Houston) 001-713-626-9564
David DeCort, Chief Financial Officer

College Hill (London) 020-7457-2020
Ben Brewerton
Nick Elwes

Teather & Greenwood (London) 020-7426-9000
James Maxwell (Corporate Finance)
Tanya Clarke (Specialist Sales)



NB: This release has been approved by Jason Oden, Gulfsands Exploration Manager
who has a Bachelor of Science degree in Geophysics with 22 years of experience
in petroleum exploration and management and is registered as a Professional
Geophysicist. Mr. Oden of Gulfsands and also Peter Hitchens on behalf of
Teather & Greenwood Limited, the Company's Nominated Advisor, have consented to
the inclusion of the material in the form and context in which it appears.

DFGO - 21 Jun'06 - 14:47 - 17082 of 17208 edit

chestnuts
Emerald produced 460,000BBL in 1st half 2005
1st Jan 2005 to 30 June 2005 = 181 producing days.
460,000 divide by 181 days = 2541bopd.

2541bopd averge 1st half 2005, minus CR#1 production 1750bopd [13/4/06 the last production figure shown for CR#1 prior to 03/6/05] = 791barrels minus Gigante#1 production 725bopd [13/4/06 the last production figure shown for
Gigante#1 prior to 03/6/05] = a combined 66bopd from CR#2#3 and V#1

1st Qtr 2006 Emerald average 4400bopd x 90days = 396,000bbl produced 1st Qtr Ref 24/5/06 RNS

In the following i have not allowed for any production from V#1 or CR#1
April 2006 4400bopd minus V#1 954bopd [due to pump problem] = average 3446bopd and minus CR#1 760bopd [due to pump problem]= average 2686bopd x 30 days = 80,580bbl produced for April

Emerald RNS 24/5/06 said Average for May to date 3400bopd.

Taking Emeralds 3400bopd x 61days [May and June]= 207,400bbl produced.


1st Qtr 396,000bbl + April 80,580bbl + May and June 207400 = 683,980bbl for Qtr against, 460,000 1st half 2005

and Silfide CS#1 LA#1 are not included.
And V#1 not included since end of March.

but as always dyor

edit CR#1 included in May and June

But as always dyor

DFGO,
Souedieh's failure to produce while having live oil shows is a bit of a worry for me.I seem to remember reading somewhere(can't find article)that the Syrians
drilled Tigris and found real problems, in fact if my memory serves me right it
took 6/9 months before abandoning their efforts.Just wondering if their's any
similarity with Souedieh's difficulties?
With Drilling Rig's being so scarce i believe holding onto a rig to sort out any
problems might be an issue? Wondering if you can put any light on my concerns?
I'm happy with EEN on Colombian output alone, but feel as much weight is placed
upon Tigris that any such problems would have quite a short term effect on the
SP.
cyril

Tigris is a dangerous venture!

niceonecyril
Imo

Emeralds share price includes nothing for syria at this price.