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

Haystack

whats your opinion on EEN with the new pumps fitted, producing 10,000bopd from Colombia by year end

Slight echo on this thread!

Still heading down

Still heading up!

I am inclined to say.

Still falling!

If charts were the only way of investing, it might make things a lot easier,
however that is not the case. Looking at the short term charts it does not look good for EEN,but as we all know what goes up, must come down and vise- versa.
A better guide is the long term chart which clearly shows a steady climb, with
each drop creating a lower bottom.
It is news,results and sentiment which drive the SP. Now anyone who has bothered to research EEN will understand some of the reasons for recent decline.
The ME conflict hasn't helped along with a poor result form the Souediieh North Well,but the main reason imho is the fall in production of oil from its Colombian
fields.This due intirely to rework of their wells, mostly new Electric Submersible Pump's and a new generator at Gigante( plus refurbishing of the downhole pipe) being fitted. These ESP's have replaced the old downhole pumps,which have been responsible for falling output. With production reduced from an average 4400bopd to a lowerly 3400bopd, already we can see a improvement in output via Gigante and with all the wells updated news of increased output is imminent and levels of perhaps 7000bopd will have be achieved.

So "What will the SP be then"? Or to repeat DFGO's question what price at years end when 10000bopd is reached, of which "i've yet to see an answer"?
cyril
P.S.Could be a great buying opportunity??

http://www.investegate.co.uk/Article.aspx?id=200605240701154806D

The above doesn't seem to be working, try
www.uk-wire.co.uk
cyril

DFGO - 4 Aug'06 - 12:37 - 18449 of 18466 edit


Mad,blueforce
all following as per company RNS.

2005 interim results Emerald Averaged 2,745bopd x 181 days = 496,845 barrels for half 1 2005.

1st qtr [Jan,Feb,Mar] 2006 Emerald average 4,400bopd x 90 days = 396,000 barrels.

April 2006 [4,400bopd minus 954bopd for Vigia#1 and 760bopd Campo Rico#1 ref 24/5/06 RNS = 2,686bopd x 30 days = 80,580 barrels for April.

May 2006 Ref 24/5/06 RNS average 3,400bopd including with CR#1 jet pump replaced x 31 days = 105,400 barrels.
Vigia#1 being worked over and ESP installed, V#1 expected to be in production by end of May.

June. no RNS to say Vigia#1 producing x amount so kept same as May nothing allowed for Vigia#1.
June 3,400bopd x 30 days 102,000 barrels.

1st qtr. 396,000 barrels.
April. 80,580 barrels.
May. 105,400 barrels.
June.102,000 barrels.
total 683,900 barrels minus 496,845 barrels 1st half 2005 = 187,055 barrels more than H1 2005 and not including production from Vigia#1 for June 2006.

@$50 a barrel = $9,352,750 more turnover than H1 2005

24/5/05 Colombia update rns
http://www.advfn.com/p.php?pid=nmona&cb=1154688293&article=15539777&symbol=LSE%3AEEN
2005 interims RNS
http://www.advfn.com/p.php?pid=nmona&cb=1154691033&article=12620250&symbol=LSE%3AEEN

blueforce - 4 Aug'06 - 15:03 - 18452 of 18466


DFGO - 4 Aug'06 - 12:37 - 18449 of 18451

Thanks for the figures, but is all that production attributable to een? Remember the Colombian national oil company have excercised their right to back into some of our production wells and may well do same for the likes of Gigante in the future

Felix
----------------------------------------------------------------------

DFGO - 4 Aug'06 - 15:33 - 18456 of 18466 edit


Blueforce

Emerald got 64% of production in 2005 for Camp Rico in 2006 Emerald get 69%
[75% before royalty] for Campo Rico so in fact Emerald are 5% better off than 2005

From 2005 final results page 12

2.b Entitlement production
Entitlement production is production to which Emerald is entitled in any
given period. Entitlement production excludes royalty petroleum and any
other production that belongs to Ecopetrol and other parties forming the
Associate under the terms of the association contracts.
In 2005, Emerald was entitled to 80% of production from the Gigante field (2004: 80%); 92% of production from the Vigia field (2004: no production) and to 64% of production from the Campo Rico field (2004: 92%).
On 28 December 2005,Ecopetrol granted the Campo Rico field the commerciality status.
Upon grant of the commerciality status, Emerald's entitlement to production from the Campo Rico field has changed to 69% (75% before royalty). This entitlement will continue until Emerald has recovered the allowable reimbursable costs,whereupon Emerald will become entitled to 46% (50% before royalty) of production from the Campo Rico field.

DFGO - 4 Aug'06 - 16:04 - 18459 of 18466 edit


bob
H2 2006 allowing 20% for ESP
Campo Rico#1#2##3 @ 800bopd each till year end 800bopd x 3 = 2,400bopd x 182 days = 436,800 barrels.
Vigia#1#2#3 @1,100bopd each - ditto -1,100 x 3 = 3,300 x 182 days = 600,000 barrels.
Gigante#1 1,000bopd x 182 days = 182,000 barrels
Centauro#1#2 1,000bopd combined output 1,000bopd x 182 days = 182,000 barrels

Campo Rico 436,800.
Vigia 600,000.
Gigante 182,000
Centauro 182,000
Total H2 1,400,800 barrels
plus total H1 684,580

2006 total for year 2,085,380 barrels against 2005 1.2million barrels

but as always dyor
------------------------------------------------------------


bobobob5 - 4 Aug'06 - 16:11 - 18462 of 18466


DFGO: I'd personally consider your H2 bopd assumptions (above) to be something like a 'low-end' forecast. But even so, the increase from H1 to H2 is strong, approximately 100% gain. bob

A nice steady rise in the SP of late, DFGO's posts give an insight to the true
potential. An RNS confirming the success of the recent work overs can't be
a very off, and what price then?
cyril

niceonecyril

not long to interims now 28/9 last year

DFGO, So about 6 weeks then, if thier past pattern of news flow is anything to go by, we could get an Operational update maybe coming with an announcement on
the spudding of Tigris? Looking for in excess of 6000bopd with perhaps the latest reserve position coming in the interims. Still no great time scale before we have
definate news, just a little more patience required.
cyril

Todays RNS of about 4100 bopd(from 8 wells)(6 wells in Nov were producing
4300bopd) is a great disappointment,not much short term regarding Colombia, The main hope must now be with Tigris which is expected to spud next month, although this is deep well, and will take several months to drill.
One consolation is of high oil prices which will help justify the SP
Not sure what interim results can add todays news? Perhaps an explanation of
the poor output figures, with Vigra producing only 650 bopd being the likely cause?
cyril

It looks like it might get to my 50p valuation sooner than I thought.

"it had to abandon a number of prospective wells after negative tests"

Haystock talking B*****ks again, 4100bopd is still not to be sneezed at.More
ESP's to be installed which probably means some wells are shut down short term?
Would be interested in your calculations which allows your of 50p?
cyril

Whilst I do agree that Haystack is blowing smoke, the RNS does say that all 6 CR and V wells are 'on production'. CS1 and Silfide are off, but there's still a 200+ bopd reduction in output of CR&V combined since May. Cyril what do your reckon is going on?

niceonecyril
cyril
bobobob5 on advfn found this on oil gas journal
http://www.ogj.com/display_article/266634/ARTCL/none/Colombia/

http://www.ogj.com/category/online_subcategory.cfm?p=7&cat=ExplD&maxrows=21

August 21, 2006 10:51 AM
Emerald Energy PLC, London, is designing a 40 sq km 3D seismic survey for the 1990s Gigante oil discovery in the Upper Magdalena Valley.

Colombia

By OGJ editors

HOUSTON, Aug. 21 -- Emerald Energy PLC, London, is designing a 40 sq km 3D seismic survey for the 1990s Gigante oil discovery in the Upper Magdalena Valley.

Drilling of Gigante-2, however, is not expected to start before the end of 2007 because a special rig and tubulars will be needed to drill to around 15,500 ft.

Emerald asked state Ecopetrol whether it intends to participate for its 50% working interest in the new well but may drill the well sole risk if Ecopetrol declines.

Gigante, on the Matambo Association Contract, has 60 million bbl of 30 gravity oil in fractured Cretaceous Tetuan at 13,000 ft and as much as 500 million bbl of oil in Cretaceous Caballos sandstone at 15,500 ft, Emerald said (OGJ, Sept. 13, 1999, p. 107).

It said the structure might extend onto an adjoining block.

60mbbl valued at $5 in the ground at $1.90/1.00 = 160m compared to 125m market cap.

Add in just 100mbbl from lower level makes this 420m.

Plus the other producing Colombian wells.

Oh, and maybe Syria will prove to worth a few bob one day.

Come on, Haystack, now show us your arithmetic.

sd

Operations Update - Syria

RNS Number:7388I
Emerald Energy PLC
11 September 2006


Emerald Energy Plc


FOR IMMEDIATE RELEASE 11 September 2006


Operations Update - Syria


Emerald Energy Plc ("Emerald" or the "Company") is pleased to announce the
commencement of drilling on the Tigris prospect within Block 26, Syria.


The Tigris structure is located in the northeast region of Block 26 directly
underlying the Souedieh Field, the largest known oil field in Syria. The Tigris
No.1 exploration well is expected to take 90 to 120 days to drill and evaluate.
It will be a vertical well drilled to an approximate depth of 4,500 metres.


Tigris No.1 will be the second well to penetrate the Carboniferous and Devonian
aged reservoirs of the Tigris structure. The S1100 well, drilled in 1994 by the
Syrian Petroleum Company and located approximately 1 kilometre northeast of the
Tigris No.1 well, was the first well to intersect these reservoirs within this
structure. Independent interpretation of the wireline logs from the S1100 well
indicates a substantial hydrocarbon column.


Ryder Scott Company, L.P. completed a reserves study and valuation of the
potential Probable and Possible reserves (unrisked) for the Tigris structure in
Block 26, Syria; these reports can be viewed on Emeralds' website at
www.emeraldenergy.com.


Tigris No.1 is the second of four commitment wells to be drilled during the
initial exploration phase of the contract for Block 26 that ends in August 2007


Emeralds' Chairman, Alastair Beardsall, said:


"We believe the data from the S1100 well indicates Tigris contains hydrocarbons;
the drilling and testing of Tigris No.1 will determine if the mapped reservoirs
contain sufficient reserves that can be produced at commercial flow rates for
the Tigris structure to be developed. In addition to Tigris, a number of leads
and prospects are being evaluated, the best of which will be selected for our
future drilling program."



Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNG
Overseas Ltd.



Enquiries: Helen Manning 020 7925 2440

Emerald Energy 50% partenters Gulfsands Drilling Report



RNS Number:7239I
Gulfsands Petroleum PLC
11 September 2006

11 September 2006


Gulfsands Petroleum plc
("Gulfsands" or "the Company")


Tigris-1 Well Commences 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,
is pleased to announce that the Company has commenced drilling the Tigris-1 well
within Block 26, Syria. The Tigris-1 represents the first of a series of wells
proposed to be drilled by the Company in Block 26 over the next 12 months.
Gulfsands is currently in final negotiations on an additional drilling rig to be
utilized within Block 26 for this continuous drilling program.

Gulfsands, the operator and 50% working interest owner in Block 26, has
commenced the drilling of the Tigris-1 confirmation well located in the
northeast region of Block 26. This vertical well will be drilled to an
approximate depth of 4,500 meters with the primary objective being Carboniferous
and Devonian aged reservoirs directly underlying the Souedieh Oil Field, the
largest known oil field in Syria. This well is scheduled to take 90 to 120 days
to drill and evaluate at an estimated cost of $7.3 million, or $3.65 million net
to Gulfsands.

The Tigris-1 well will be the second well to target the Carboniferous and
Devonian aged reservoirs within the overall Tigris structure. The S1100 well,
drilled in 1994 by the Syrian Petroleum Company and located approximately 1
kilometre northeast of the Tigris-1 well, was the first well to intersect these
reservoirs within this structure. Independent interpretation of the wireline
logs from the S1100 well indicates a substantial hydrocarbon column. The main
objective of the Tigirs-1 well is to confirm the presence of this hydrocarbon
column.

Tigris has been estimated by Ryder Scott Company, L.P. to have 442 BCFG of gross
probable reserves with a net present value discounted at 10% of $233 million net
to Gulfsands 50% working interest. Ryder Scott has estimated the gross
prospective resource size for Tigris as some 4.3 TCF of natural gas, or 562
million barrels of oil. The Ryder Scott reserve reports can be viewed on
Gulfsands' website at www.gulfsands.net.

Gulfsands' CEO, John Dorrier, said:

"The drilling program being undertaken in Block 26 holds great potential for the
Company. The Tigris well is the first in a series of wells planned to be
drilled on a near continuous basis over the next 12 months on the Block. The
Block 26 drilling program, in combination with the Company's development work on
the Misan Project in Iraq and the oil and gas production oriented programs in
the Gulf of Mexico uniquely position the Company for asset growth."



NB: This release has been approved by the Company's geological staff who include
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, for the purpose of
the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock
Exchange in respect of AIM companies, which outlines standards of disclosure for
mineral projects.


Note to Editors



* Syria

In Syria, Gulfsands owns a 50% working interest in Block 26 and is the operator.
The block covers 11,000 square kilometres and surrounds areas which currently
produce over 100,000 barrels of oil per day from existing fields. In January
2006 the Company completed the acquisition of 1,155 kilometres of 2D seismic and
anticipates drilling two wells during 2006. The first well, known as Souedieh
North, commenced drilling in late April 2006 and was temporarily suspended in
June for further analysis. The second well known as Tigris commenced drilling
in September of 2006 and has the potential to contain in excess of 500 MMBOE.
Gulfsands has identified 31 total exploitation and exploration prospects within
Block 26 with mean resources potential exceeding 1 billion barrels of
recoverable oil.

Ryder Scott completed a reserves study on the Tigris structure in 2006 and these
reserves were classified as either oil or gas bearing until such time as the
Company drills and tests the Tigris structure. As of 1 July 2006 Ryder Scott
determined that the Probable Reserves net to Gulfsands after applying the terms
of the Production Sharing Contract is 102 BCFG with a net present value
discounted at 10% of $233 million. For primarily a natural gas accumulation, an
additional 75 BCFG of possible reserves net to Gulfsands were estimated to have
a 10% discounted net present value of $261 million. Furthermore, the Company
completed its own economic evaluation on the Prospective Gas Resource and has
estimated that Prospective Gas Resource net to Gulfsands is 577 BCFG with a net
present value of approximately $1.06 billion. In summary total gas reserves
potential net to Gulfsands among Probable and Possible Reserves for the natural
gas case is 177 BCFG (30 MMBOE) with a net present value of $494 million and
when combined with the Prospective Gas Resource it totals 754 BCFG (126 MMBOE)
with a net present value of approximately $1.55 billion.

For primarily an oil accumulation, Ryder Scott determined the Possible Reserves
net to Gulfsands after applying the terms of the Production Sharing Contract are
19.4 million barrels of oil having a net present value discounted at 10% of $452
million. Furthermore, the Company completed its own economic evaluation on the
Prospective Oil Resource and has estimated that Prospective Oil Resource net to
Gulfsands is 50.9 MMBO with a net present value of approximately $1.51 billion.
In summary total oil reserves potential net to Gulfsands among Possible and
Prospective Oil Resource for the oil case is 70.3 MMBO with a net present value
of approximately $1.96 billion.