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

Niceonecyril : you can ajust the speed of the click of the mouse...it depends whether you are using Microsoft or Apple software !, you need to refer to a dummy's guide or computer active manual !.....that might be the problem !.

I can't help but feel that there is about to be a pullback on this stock....the sp is really up with events...at the moment Gulfsands (GPX)(Aim) looks the better bet !.

required field

Emerald still under valued imo hardly anything in price for Colombia

GPX 118,552,500 ordinary shares in issue.
EEN 59,686,144 ordinary shares in issue.
as from 22/4/09 Emerald will have 62,440,373 Ordinary Shares in issue.

probably because you have everyone looking in the wrong country entirely!
Try ColOmbia

Did I mention a pullback ?....the sp has dived this afternoon and there could be more tomorrow morning !.

Operations Update (Emerald Energy)





TIDMEEN

RNS Number : 0147R
Emerald Energy PLC
23 April 2009

?
Emerald Energy Plc


23 April 2009


Operations Update - Syria, Block 26


Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide the
following update on operations in Block 26, Syria.


Khurbet East No.8 Well


Khurbet East No.8, the delineation well located 2.7 kilometres to the south of
the Khurbet East No.1 well to investigate reservoir properties and the oil-water
contact in the south of the field, encountered a 23 metre gross oil column (15
metre net) within the Cretaceous Massive reservoir. The top of the reservoir was
encountered at 1,940 metres, approximately 18 metres shallower than the
pre-drill prediction.


Wireline logging indicated an average porosity in the net oil bearing interval
in excess of 23%. However, a definitive oil-water contact could not be
identified as the porous oil-bearing reservoir lies directly above a low
porosity and low permeability interval.


An open-hole flow test conducted over the full reservoir interval using nitrogen
injection artificial lift resulted in limited amounts of oil being produced to
surface, indicative of poorer reservoir quality in this location than
encountered in the central part of the field.


Following an acid stimulation operation on the open-hole reservoir section, the
well produced, using artificial lift, 23 degree API oil at an average rate of
617 barrels per day over an 8 hour period with a water-cut of less than 2%.
Under natural flow, the well flowed at an average oil rate of 120 barrels per
day over a 12 hour period through a 40/64 inch choke with a water-cut of 1%.


The Khurbet East No.8 well will be suspended as a future oil producer.


The results of the Khurbet East No.8 well are being integrated into the data set
for the Khurbet East field and the updated reserves evaluation being made by RPS
Energy, the independent reserves engineers, is expected to be completed before
the end of the second quarter 2009.


Khurbet East No.9 Well


Drilling operations commenced on the Khurbet East No.9 well on 9 April 2009. The
Khurbet East No.9 well, located approximately 1.0 kilometres south of Khurbet
East No.1, is the first of three development wells planned to support the
expansion of the early production facilities capacity to 18,000 barrels per day.
This additional capacity is expected to commence operations in the third quarter
of 2009.


3D Seismic


Acquisition of the 850 square kilometre 3D seismic survey surrounding the
Khurbet East and Yousefieh fields is progressing on schedule with completion
expected in the second quarter 2009. The data will be processed in the third
quarter, followed by seismic interpretation and prospect definition in the
fourth quarter 2009.




Emerald's Chief Executive Officer, Angus MacAskill, said:


"We are pleased with the results of the Khurbet East No.8 well with the
oil-bearing reservoir encountered in this location being materially thicker than
expected and the stimulation and testing operations demonstrating that oil can
be produced at commercial rates from areas where the reservoir quality is less
than the exceptionally high quality seen in the centre of the field."


Enquiries: Lisa Hibberd 020 7925 2440

required field

Here is reason for pull back

RNS Number : 6272Q
Emerald Energy PLC
15 April 2009

?
FOR IMMEDIATE RELEASE


15 April 2009


CONVERSION OF CONVERTIBLE BONDS


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


The Company and Credit Suisse Securities (Europe) Limited ("Credit Suisse") have
reached an agreement for the conversion of the entire outstanding principal
amount of the Series B US$15,000,000 4.875 per cent. senior unsecured
convertible bonds due 2013 (the "Series B Bonds") into the Company's ordinary
shares (the "Ordinary Shares"). The Series B bonds which were issued in July
2007 are convertible into Ordinary Shares at a price of 270 pence per Ordinary
Share at a fixed US dollar/sterling exchange rate of 2.0171.


Credit Suisse has agreed to exercise its right to convert all of the outstanding
principal amount of the Series B Bonds into the Ordinary Shares, in
consideration of which the Company has agreed to pay Credit Suisse an amount of
US$914,062.50, equal to the interest payable on Series B Bonds for the period
from and including 31 March 2009 to but excluding 30 June 2010.


The total number of Ordinary Shares issued to Credit Suisse on 15 April 2009
pursuant to conversion of the Series B bonds is 2,754,229. These Ordinary Shares
are expected to be listed on the Official List of the UK Listing Authority and
admitted to trading on the London Stock Exchange no later than 22 April 2009.
Following this transaction, the issued share capital of the Company will be
62,440,373 Ordinary Shares.


The Series A US$15,000,000 5.875 per cent. senior unsecured convertible bonds
due 2012 that were also issued in July 2007 remain in place.


RNS Number : 8330Q
Emerald Energy PLC
20 April 2009

?Form TR-1 with annex. FSA Version 2.1 updated April 2007


+-----------------------------------------+
| For filings with the FSA include the |
| annex |
| For filings with issuer exclude the |
| annex |
+-----------------------------------------+


+-----------------------------------------------------------------------------+
| TR-1: Notifications of Major Interests in Shares |
+-----------------------------------------------------------------------------+


+----------------------------------------+---------------+---------------+----------+
| 1. Identity of the issuer or the underlying issuer of | EMERALD ENERGY |
| existing shares to which voting rights are attached: | |
+--------------------------------------------------------+--------------------------+
| 2. Reason for notification (yes/no) |
+-----------------------------------------------------------------------------------+
| An acquisition or disposal of voting rights | Yes |
+------------------------------------------------------------------------+----------+
| An acquisition or disposal of financial instruments which may result | |
| in the acquisition of shares already issued to which voting rights are | |
| attached | |
+------------------------------------------------------------------------+----------+
| An event changing the breakdown of voting rights | |
+------------------------------------------------------------------------+----------+
| Other (please specify):______________ | |
+------------------------------------------------------------------------+----------+
| 3. Full name of person(s) subject to | Credit Suisse Securities (Europe) |
| notification obligation: | Limited |
+----------------------------------------+------------------------------------------+
| 4. Full name of shareholder(s) (if | |
| different from 3): | |
+----------------------------------------+------------------------------------------+
| 5. Date of transaction (and date on | 15.04.09 |
| which the threshold is crossed or | |
| reached if different): | |
+----------------------------------------+------------------------------------------+
| 6. Date on which issuer notified: | 16.04.09 |
| | |
+----------------------------------------+------------------------------------------+
| 7. Threshold(s) that is/are crossed or | 3% |
| reached: | |
+----------------------------------------+---------------+---------------+----------+




+--------------+--------------+----------+-----------+--------------+----------+----------+----------+
| 8: Notified Details |
+----------------------------------------------------------------------------------------------------+
| A: Voting rights attached to shares |
| |
+----------------------------------------------------------------------------------------------------+
| Class/type | Situation previous | Resulting situation after the triggering |
| of shares | to the triggering | transaction |
| If possible | transaction | |
| use ISIN | | |
| code | | |
+ +-------------------------+-----------------------------------------------------------+
| | Number of | Number | Number | Number of voting | Percentage of |
| | shares | of | of | rights | voting rights |
| | | voting | shares | | |
| | | rights | | | |
+ + + + +-------------------------+---------------------+
| | | | | Direct | Indirect | Direct | Indirect |
+--------------+--------------+----------+-----------+--------------+----------+----------+----------+
| ORD | N/A | N/A | 2,016,123 | 2,016,123 | N/A | 3.37% | N/A |
| GB0007360158 | | | | | | | |
| | | | | | | | |
+--------------+--------------+----------+-----------+--------------+----------+----------+----------+




+---------------+---------------+---------------+----------------------+---------------+
| B: Financial Instruments |
| |
+--------------------------------------------------------------------------------------+
| Resulting situation after the triggering transaction |
| |
+--------------------------------------------------------------------------------------+
| Type of | Expiration | Exercise/ | No. of voting | Percentage of |
| financial | date | conversion | rights that | voting rights |
| instrument | | period/date | may be | |
| | | | acquired (if | |
| | | | the | |
| | | | instrument | |
| | | | exercised/converted) | |
+---------------+---------------+---------------+----------------------+---------------+
| | | | | |
+---------------+---------------+---------------+----------------------+---------------+








+-----------------------------------------------------------------------------+
| 9. Chain of controlled undertakings through which the voting rights and /or |
| the financial instruments are effectively held, if applicable: |
+-----------------------------------------------------------------------------+
| Credit Suisse Securities (Europe) Limited and Credit Suisse International |
| are a division of Credit Suisse ("CSIBD"), which is part of the Credit |
| Suisse Group ("CSG"). CSIBD is a segregated business unit within CSG with |
| an independent management structure and exercises its voting rights |
| independently from other divsions of CSG |
+-----------------------------------------------------------------------------+

Emerald Energy Holding(s) in Company





TIDMEEN

RNS Number : 9727Q
Emerald Energy PLC
22 April 2009

?
Emerald Energy Plc


FOR IMMEDIATE RELEASE


22 April 2009


Holdings in Company


Emerald Energy Plc (the "Company") received notification on 21 April 2009 from
Credit Suisse Securities (Europe) Limited that, as at 20 April 2009, it no
longer held reportable voting rights in ordinary shares of 10p each in the
Company.


The total number of current voting rights in the Company is 62,440,373


Enquiries: Lisa Hibberd 020 7925 2440

As i suspected CS selling down to raise money for repayment od USA loan.

Another great result at KE, just gets better abd better.
cyril
ps will add todays news to the header, although its getting a little top heavy.

cyril

please keep the following in header plus todays remove the rest if you think
they are not needed

thanks dave.

http://www.emeraldenergy.com

http://www.investegate.co.uk/Article.aspx?id=200812220700095529K

http://www.investegate.co.uk/Article.aspx?id=200901260700092060M

http://www.investegate.co.uk/Article.aspx?id=200902110700131142N

http://www.emeraldenergy.com/documents/20090126EENInvestorPresentation.pdf/

http://www.emeraldenergy.com/documents/EEN2008Results.pdf

cyril

And Giante#2 result not to far away

DFGO; managed a small top up yesrerday @482p, so reasonably pleased.
cyril

cyril
well done



Output rise lifts Emerald
MoneyAM
Emerald Energy expects Q1 earnings of $9.9m - up from $8.4m last year - following a big rise in production.

The firm said daily output was 5,693 barrels of oil equivalent compared with 1,622 barrels in the first quarter of 2008.

Profits after tax for the period beginning 1 January will be $4.6m - up from $3.5m in 2008.

It said it had completed initial appraisal of Yousefieh discovery in Syria and drilled three successful appraisal wells and commenced extended production testing of the Capella discovery in Colombia.

Chief executive Angus MacAskill said: "We are very pleased with the results to date in 2009, with significant progress towards delivering the material production enhancement projects in the Khurbet East field in Syria and the Gigante field in Colombia.

"Our cash and cash generation positions are strong, and we remain committed to investing in projects to deliver additional value to shareholders."

Edit
thanks for up dating header.

Emerald Energy Plc




24 April 2009




INTERIM MANAGEMENT STATEMENT




Emerald Energy Plc ('Emerald' or the 'Company') is today issuing its Interim Management Statement for the period beginning 1 January 2009.




HIGHLIGHTS




Production (quarterly average net entitlement) of 5,693 bopd (1,622 bopd in Q1 2008).
Completed initial appraisal of Yousefieh discovery in Syria.
Drilled 3 successful appraisal wells and commenced extended production testing of the Capella discovery in Colombia.
Strong cash flow with EBITDA in first quarter of $9.9 million ($8.4 million in Q1 2008).
Profits after tax (unaudited) in first quarter of $4.6 million ($3.5 million in Q1 2008).
$15 million of convertible bonds converted to equity.
Active forward exploration and development programme funded from existing cash and cash flow.



Angus MacAskill, Emerald's Chief Executive Officer, said:



'We are very pleased with the results to date in 2009, with significant progress towards delivering the material production enhancement projects in the Khurbet East field in Syria and the Gigante field in Colombia. Delineation and appraisal activities have also advanced with greater understanding achieved in the Khurbet East and Yousefieh fields in Syria and also in the very material Capella field in Colombia, all of which will be used to optimise future developments. In exploration, we look forward to the results of the Gigante No.2 and Mirto No.1 wells in Colombia, and also to progressing the new exploration blocks in Colombia and Peru. Our cash and cash generation positions are strong, and we remain committed to investing in projects to deliver additional value to shareholders.'







Colombia




Further to the operations reported in the preliminary statement of 2008 results announced on 16 March 2009, the following activities have taken place.




In the Ombu block, the Capella No.6 well, located 4.2 kilometres to the southwest of Capella No.1, was drilled to a total depth of 3,645 feet. The well encountered an exceptionally thick upper Mirador interval with net potential hydrocarbon pay of 80 feet of 37% porosity sand, greatly exceeding the previously recorded maximum net thickness of 23 feet encountered in the Capella No.2 well. The Capella No.6 well also encountered a lower Mirador gross conglomerate interval of 175 feet with hydrocarbon shows being recorded to a depth of 3,605 feet, some 130 feet deeper than recorded in previous wells.




An open-hole flow test was conducted over the full lower Mirador conglomerate interval from which flow is interpreted, using data from previous wells, to be largely from natural fractures in the conglomerate. During this testing over a period of 3 days, the production stabilised at a rate of approximately 295 barrels of fluid per day with a water cut of approximately 90%. Preliminary evaluation of the well data indicates that the water is flowing from high productivity fractures at the base of the section. The Company plans to isolate the lower water-producing section of the conglomerate and conduct another open-hole flow test of the oil bearing interval.




A cased-hole flow test was conducted over the upper Mirador sand interval. During this testing over a period of 5 days, the production stabilised at a rate of approximately 100 barrels of oil per day with a water cut of approximately 2%. Due to signs of early sand production from this unconsolidated interval, the rotational speed of the progressive cavity pump was restricted to approximately one quarter of that used for testing the same interval in the Capella No.2 well. The Company plans to clean the sand from the wellbore and conduct a further flow test.




The Company plans to drill one further well in the southern part of the Capella structure in 2009 and this well, located on the same surface location as Capella No.6, is planned to be the first horizontal well in the field and to target the upper Mirador sand. Following the environmental permitting of the northern part of the block, the Company plans further drilling in this area.




The extended production testing of Capella wells, commenced in February 2009 at an oil rate of 400 barrels per day, subsequently increased to over 700 barrels per day before being temporarily suspended in March due to marketing limitations experienced for the heavy crude oil. The Capella oil has, to date, been sold directly to industrial end users within Colombia but the Company expects that, during commercial development, the Capella oil will be delivered to existing pipelines following blending or upgrading. The Company is currently engaged in removing the existing marketing constraints and anticipates recommencing extended production testing in May.




The Gigante No.2 well, planned primarily as a development well in the producing Tetuan reservoir, has been drilled to a depth of approximately 13,400 feet and casing has been run and cemented in place. The total depth of the well, including the exploration target in the Caballos formation, is expected to be approximately 16,000 feet. The results of this well are expected in the middle of the year.




In the Jacaranda block, the Jacinto No.1 exploration well, designed to evaluate the potential of a stratigraphic exploration target in the Tertiary aged Carbonera formation, encountered a water-bearing sand channel and was plugged and abandoned. The remaining prospectivity in the block is being evaluated prior to making a decision by 10 May 2009 whether to enter the next phase of the contract which, if entered, will have a duration of 12 months and a minimum work programme including one exploration well.




In the Maranta block, preparations are at an advanced stage to drill an exploration well to a depth of approximately 11,000 feet on the Mirto prospect which Emerald estimates may contain unrisked prospective resources in the range 5 to 15 million barrels. Drilling operations are expected to commence in May 2009. The Company has entered into a previously announced farmout agreement, subject to the approval of the ANH, under which Emerald retains 80% working interest and operatorship of the block.




Emerald has formally signed the exploration and production contract for Block VSM32, located in the Upper Magdalena Valley adjacent to the company's Matambo block. Under the contract, Emerald has 100% working interest and operatorship of the block. The Company believes the block may contain exploration potential analogous to the nearby Gigante field. The work commitment during the first phase of the ANH exploration and production contract, lasting 36 months, consists of the acquisition of 137 km of new 2D seismic data and the drilling of one exploration well.




Syria




Further to the operations reported in the preliminary statement of 2008 results announced on 16 March 2009, the second Khurbet East field delineation well, Khurbet East No.8, located in the southern part of the field, encountered a 23 metre gross oil column (15 metre net) within the Cretaceous Massive reservoir. Wireline logging indicated an average porosity in the net oil bearing interval in excess of 23% but did not identify a definitive oil-water contact as the porous oil-bearing reservoir lies directly above a low porosity and permeability interval. During flow testing of the full reservoir interval, following acid stimulation, the well produced, under artificial lift, 23 degree API oil at an average rate of 617 barrels per day over an 8 hour period with a water-cut of less than 2% and at an average oil rate of 120 barrels per day under natural flow.




The updated independent reserves evaluation of the Massive reservoir, taking into account seismic, well and production information acquired since the last evaluation, is expected to be concluded in the second quarter of 2009.




The Khurbet East field production performance has been excellent with the cumulative gross oil production of 2.5 million barrels recently being reached, minimal water production to date, and little reservoir pressure depletion being recorded. As a result of the early field performance, work is now underway to expand the capacity of the field's gathering, processing and loading facilities to 18,000 barrels of fluid per day as an interim expansion prior to the full field development of the Khurbet East field. This interim expansion of capacity, consisting of the installation of additional surface equipment and the drilling of three further development well, is expected to be operational in the third quarter of 2009. The first of these additional development wells, Khurbet East No.9 commenced drilling in April.







Peru




Emerald has formally signed the exploration and production contract for Block 163. The contract was awarded by PeruPetro S.A., the state company administering the hydrocarbon resources in Peru. Under the contract, Emerald has 100% working interest and operatorship of the block, Emerald's first in Peru. 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 30 March 2009 the Company benefited from production in Colombia and Syria as shown below.






Q1-2009
Q1 2008
FY 2008



Bopd
bopd
bopd

Gross production:







Colombia
4,196
2,979
3,530

Syria
9,996
-
3,863

Working interest production:







Colombia
3,042
1,799
2,475

Syria
4,998
-
1,932



8,040
1,799
4,407

Net entitlement production:







Colombia
2,748
1,622
2,246

Syria
2,945
-
1,139



5,693
1,622
3,385











Financial Position




In the first quarter of this financial year, Emerald reports the following unaudited results:






Q1-2009
Q1 2008
FY 2008





$ '000
$ '000
$ '000

Revenue from oil sales
(a)
14,219
12,961
86,041

Adjusted EBITDA
(b)
9,933
8,355
65,729

Profit after tax
4,637
3,540
35,645

Cash and cash equivalents at period end
(c)
59,018
41,173
74,447





(a) In the three months to 31 March 2009, revenue from oil sales increased by 10% in relation to the revenues achieved in the same period of last year. This growth resulted from a substantial increase in the invoiced production, which totalled 439 mbbl, compared to 156 mbbl achieved in the same quarter of last year. This increase in invoiced production was substantially, but not entirely, offset by the a combination of the decline in the oil prices, with WTI benchmark averaging $43 per barrel in the three months to 31 March 2009 compared to $98 per barrel experienced in the same quarter of last year, and an increase in oil inventories of 73 mbbl resulting in the quantities of oil sold in Colombia being 70% of the produced volume.




(b) EBITDA is earnings before interest (and other finance income and costs), tax, depreciation, depletion, amortisation and write-offs of oil & gas assets. Adjusted EBITDA is calculated before share based payments, charged to the income statement under IFRS 2.




(c) Cash decrease of $15.429 million was in line with the Company's 2009 budget with cash and first quarter cash flow funding capital projects.




Conversion of Series B Convertible Bonds




In April, the entire outstanding principal amount of the Series B US$15,000,000 4.875 per cent senior unsecured convertible bonds were converted into 2,754,229 of the Company's ordinary shares. The Company agreed to pay to the holder of the bonds, on conversion, an amount of $914,062.50 equal to the interest due on the bonds in the period to 30 June 2010, the interest payment date prior to the earliest date on which the Company may have been entitled, subject to a number of conditions, to redeem the bonds. Following this transaction, the issued share capital of the Company is 62,440,373 ordinary shares.




The early conversion of the Series B Bonds has eliminated any uncertainty related to the occurrence and timing of conversion of these bonds and reduced the Company's balance sheet liabilities.

cyril
read this bit its inportant and will increase reserves by a considerable amount.

In the Ombu block, the Capella No.6 well, located 4.2 kilometres to the southwest of Capella No.1, was drilled to a total depth of 3,645 feet. The well encountered an exceptionally thick upper Mirador interval with net potential hydrocarbon pay of 80 feet of 37% porosity sand, greatly exceeding the previously recorded maximum net thickness of 23 feet encountered in the Capella No.2 well. The Capella No.6 well also encountered a lower Mirador gross conglomerate interval of 175 feet with hydrocarbon shows being recorded to a depth of 3,605 feet, some 130 feet deeper than recorded in previous wells.

as always dyor

RNS Number : 4235R
Emerald Energy PLC
30 April 2009

Emerald Energy Plc

30 April 2009




Operations Update - Syria, Block 26




Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the following update on the evaluation of reserves in fields held under the contract for exploration, development and production of petroleum in Block 26, Syria (the 'Contract').




Khurbet East Field




An independent estimate of the petroleum reserves of the Khurbet East field at 31 December 2008 has been completed by RPS Energy Ltd ('RPS'), part of RPS Group Plc, based on data acquired up to 14 April 2009 which includes the data acquired in the Khurbet East No.8 well but not from the successful flow test after the acid stimulation operation.




The gross Proved plus Probable Reserves of oil contained in the Massive reservoir and recoverable within the period of the Contract are estimated to be 59.2 million barrels as at 31 December 2008 and to be 63.4 million barrels for the life of field. It is anticipated that optimisation of the field development may result in the 4.2 million barrels estimated by RPS to be produced outside the period of the Contract, also being produced within the term of the Contract.




A summary of the oil reserves as at 31 December 2008 is given in the table below.




Oil Reserves

(million barrels)
Proved
Proved plus Probable
Proved plus Probable plus Possible

Gross
34.2
59.2
99.7

Working Interest
17.1
29.6
49.9





Under the new estimate of petroleum reserves, the gross Proved plus Probable recovery of oil within the period of the Contract, taking into account the 1.4 million barrels produced before 31 December 2008, has increased by 3.3% since the last evaluation as at 31 December 2007.




Yousefieh Field




An independent estimate of the petroleum reserves of the Yousefieh field at 31 December 2008 has been completed by Fugro Robertson Limited ('FRL'), based on data made available up to 31 March 2009.




The gross Proved plus Probable Reserves of oil produced within the period of the Contract are estimated to be 11.3 million barrels as at 31 December 2008.




A summary of the oil reserves as at 31 December 2008 is given in the table below.




Oil Reserves

(million barrels)
Proved
Proved plus Probable
Proved plus Probable plus Possible

Gross
1.2
11.3
16.7

Working Interest
0.6
5.7
8.4





Further to these oil reserves and the associated oil initially in place, FRL estimated there to be an additional area towards the east of the field, including the Yousefieh No.2 well location, with a best estimate of gross Contingent Resource of oil initially in place within this area of 42 million barrels. FRL did not estimate an associated recoverable resource and further work is required to determine whether this volume is commercial and, if so, an appropriate recovery factor.




Block 26 Net Entitlement Reserves




Under the terms of the Contract, there is a single cost recovery pool for all the fields within the Contract. The Operator has estimated the net entitlement Reserves attributable to the Company based on the estimates of gross Reserves provided by RPS and FRL, the terms of the Contract, and the Operator's estimates of future oil price, development costs, and operating costs. Key assumptions include a Brent crude price of $45 per barrel in 2009 rising to $70 per barrel after 2012. It is assumed that the oil sold from Block 26 trades at an average $11 per barrel discount to Brent.




The Operator estimates that the total net entitlement Reserves of oil attributable to the Company at 31 December 2008 from fields in Block 26 is 8.1 million barrels on a Proved basis,14.3 million barrels on a Proved plus Probable basis and 21.9 million barrels on a Proved plus Probable plus Possible basis.




Net entitlement Proved plus Probable Reserves of oil attributable to the Company at 31 December 2008 in Block 26 has increased by 3.4 million barrel (31%) compared to the 10.9 million barrels reported in the annual report for the year ended 31 December 2008.







Emerald's Chief Executive Officer, Angus MacAskill, said:



'We are very pleased with the material increase in reserves in Block 26 with the excellent production performance leading to improved recovery in the Khurbet East field and the addition of new reserves from the Yousefieh discovery. We are encouraged that full field development of the Khurbet East field, appraisal of Yousefieh, and exploration generated by the 3D seismic survey currently being acquired will lead to further opportunities for advancement.'




Enquiries: Lisa Hibberd 020 7925 2440

1. Reserves quoted on a working interest basis are provided by the Company and are not contained in the reports by RPS and FRL. Reserves on a working interest basis are the gross oil reserves of the field multiplied by the Companys working interest in the Contractor group (50%).

2. The standard used in preparing the reserve estimates was the resource definitions jointly set out by the Society of Petroleum Engineers (SPE), the World Petroleum Congress (WPC), the American Association of Petroleum Geologists (AAPG) and the Society of Petroleum Evaluation Engineers (SPEE) in April 2007 in a document entitled Petroleum Resources Management System (PRMS).

3. Net entitlement oil reserves are the reserves that the Company is estimated to be entitled to recover under the terms of the Contract, after the application of royalties and other terms of the Contract including the apportionment of Cost Recovery Crude Oil and Production Sharing Crude Oil as determined under certain oil and gas pricing assumptions.

4. Reserves are those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions.

5. Proved Reserves are those quantities of petroleum, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be commercially recoverable, from a given date forward, from known reservoirs and under defined economic conditions, operating methods, and government regulations.

6. Probable Reserves are those additional Reserves which analysis of geoscience and engineering data indicate are less likely to be recovered than Proved Reserves but more certain to be recovered than Possible Reserves. It is equally likely that actual remaining quantities recovered will be greater than or less than the sum of the estimated Proved plus Probable Reserves (2P). In this context, when probabilistic methods are used, there should be at least a 50% probability that the actual quantities recovered will equal or exceed the 2P estimate.

7. Possible Reserves are those reserves which analysis of geological and engineering data suggests are less likely to be recoverable than probable reserves. In this context, when probabilistic methods are used, there should be at least a 10% probability that the quantities actually recovered will equal or exceed the sum of estimated proved plus probable plus possible reserves

8. Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations, but the applied project(s) are not yet considered mature enough for the commercial development due to one or more contingencies.

9. Full reserve category definitions and guidelines are documented in the PRMS on the SPE website at http://www.spe.org/spe-app/spe/industry/reserves/prms.htm

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

END

Operations Update - Syria, Block 26




Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the following update on operations in Block 26, Syria.




Khurbet East No.9 Development Well




The Khurbet East No.9 well, located approximately one kilometre south of the Khurbet East No.1 well and planned as the first of three development wells to support the expansion of the Khurbet East early production facility, has been drilled vertically to a total depth of 1,986 metres. The well encountered the top of the Cretaceous Massive reservoir at 1,937 metres and preliminary analysis of the wire-line logs indicates a 26 metre gross (23 metre net) oil-bearing interval within this reservoir with an average porosity over the net oil-bearing section of approximately 22%. A definitive oil-water contact was not identified in the well as the primary reservoir section lies directly above a relatively impermeable and low porosity section.




During the final 12 hours of a 24 hour open-hole flow test of the gross reservoir interval, the well flowed, under natural flow, at an average stabilised oil rate of approximately 3,040 barrels per day through a 48/64 inch choke and with a water cut of between 3% and 4%. Preliminary analysis of the flow test indicates very good reservoir permeability, consistent with the production wells in the central portion of the Khurbet East Field.




The Khurbet East No.9 well will be completed as a production well and tied-in to the early production facility. After completion of operations on Khurbet East No.9, the rig will commence drilling of the Khurbet East No.10 well, the second of the three development wells planned to support the expansion of the early production facility.




Expansion of Khurbet East Early Production Facility




The expansion of the capacity of the early production facility to 18,000 barrels per day is proceeding on schedule with commissioning of the new equipment expected to commence in June and production start-up expected early in the third quarter of 2009.




Exploration 3D Seismic Survey




Acquisition of the 850 square kilometre 3D seismic survey in the area around the Khurbet East and Yousefieh fields continues on schedule, with approximately 90% of the area completed. The Company expects the programme will be completed this month, with delivery of final processed data expected late in the third quarter of 2009 and interpretation of these data commencing immediately thereafter.




Emerald's Chief Executive Officer, Angus MacAskill, said:



'We are very pleased with progress towards delivery of the early production facility expansion, with the results of Khurbet East No.9, the first of three development wells planned to fill the additional capacity, demonstrating the southern extension of the excellent reservoir quality seen in the central portion of the field. We are also pleased with the progress in acquiring this large exploration 3D seismic survey and look forward to the results of the interpretation of these data later in the year.'

cyril

link not working re posted

http://www.emeraldenergy.com/documents/EENInvestorPresentationMay2009.pdf

Gogante 2 should be getting close to total depth?
cyril

Operations Update - Syria, Block 26

Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the following update on operations in Block 26, Syria.

Khurbet East No.10 Development Well

Drilling operations have commenced at the Khurbet East No.10 well, the second of three development wells being drilled in the central area of the field to support the expansion of the Khurbet East early production facility. The well is planned as a horizontal production well with a surface location adjacent to the recently completed Khurbet East No.9 development well and entering the Cretaceous Massive reservoir approximately 700 metres to the northwest.

Khurbet East Field Oil Production


Gross oil production from the Khurbet East field has recently averaged approximately 10,800 barrels per day and has reached a cumulative total of 3 million barrels. The field continues to perform above expectation with strong pressure support, high productivity from producing wells, and minimal field water production of less than 1%.

The expansion of the capacity of the early production facility to 18,000 barrels of fluid per day is proceeding on schedule with first production through the expanded facility expected early in the third quarter of 2009.

Exploration 3D Seismic Survey

Acquisition of the 850 square kilometre 3D seismic survey in the area around the Khurbet East and Yousefieh fields has been completed. Delivery of the final processed data is expected late in the third quarter of 2009, with interpretation of these data commencing immediately thereafter.

Emerald's Chief Executive Officer, Angus MacAskill, said:

'We are very pleased with the continued progress in Block 26, with the co-ordinated development activities focused on delivering increased production rates from the Khurbet East field in the third quarter. We also look forward to the interpretation of the recently completed 3D seismic survey which is expected to result in further exploration drilling in 2010.'

Another brick in the wall, "now get ready for GIGANTE-2 due very shortly"?

cyril