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

DFGO thanks,seems we.re in talks with a 3rd parrty.

Edit; Oil explorer Emerald Energy has confirmed that it has received an approach which could lead to a possible cash offer for the Company.

Emerald's statement follows press speculation about a possible bid and the recent increase in its share price.

The statement says: "It should be emphasised that the discussions are at a preliminary stage.

"Accordingly, no assurances can be given that any formal offer will be forthcoming or that any transaction will occur."
cyril

cyril

yes a figure 7.50 mention by Ft,worth a lot more.

ah, that lovely word "worth" ..... as i have said before, something is only worth as much as someone else is prepared to pay

At 750p this will be bought on the cheap and yes "worth a lot more". Its "worth" noting that DFGO's has an indepth knowledge of this company who along with other such posters has helped bring the its true merits to us less able.
So once again yes, very cheap against the reconised norm of valuing an E&P company.
cyril

i do not dispute the sentiment, but merely the reality of life

Yes its true that's the nature of business, still hoping the 750p is the opening shot?
DfGO; a question for you, do you think that the interested party will have access
to G2 results? My thoughts they're so close to flow rates that they must have some or most by now?
cyril

I've set up a blog with research links for the under-researched:

http://emerald-energy-een.blogspot.com/

Kiwi7 thanks, a great idea and most useful, u;ll add it to the haeder.
Answer to my question,
14 July 2009




Colombia - Gigante No.2 Well




Emerald Energy Plc ('Emerald' or the 'Company') is pleased to provide the following update on well testing operations in the Gigante No.2 well in the Matambo Association Contract in Colombia.




The first flow testing operation in the Caballos formation has been successfully completed with 32 degree API oil flowing to surface, under natural flow, at a rate of approximately 185 barrels per day.




A flow test was conducted over a total perforated interval of 84 feet in the Caballos formation. Oil of approximately 32 degrees API gravity flowed to surface, under natural flow and through a 24/64 inch choke, at an average rate of 185 barrels per day over a 9 hour period with a water cut of approximately 3.5% which may have been the return of fluids lost to the formation during drilling operations.




An analysis of the pressure data acquired during the flow test indicates that formation damage has occurred during drilling. This data also indicates that the pressure in the Caballos formation has not been depleted by production from the Tetuan reservoir in the Gigante No.1A well.




The Company is now preparing to conduct a further flow test of the Caballos formation using an electrical submersible pump, a method of artificial lift currently used for production in the Gigante No.1A well.




The Caballos formation is the exploration target in the Gigante No.2 well, underlying the Tetuan formation which is the producing reservoir in the Gigante No.1A well and the development target in the Gigante No.2 well. The Caballos formation was encountered approximately 338 feet structurally higher in the Gigante No.2 well than in the Gigante No.1A well.




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




'We are delighted to have demonstrated that the Caballos formation, the exploration target in this well, is oil bearing and look forward to the results of further testing of this formation before proceeding to the flow testing of the Tetuan reservoir.'
cyril

Missed out on the takeover...been in and out for years...then not watching and missed the first rise, now too late..damn !.

not necessarily .... there may not even be a t/o .... or on the other hand, it just may be at a worthwhile premium to the current price

Still hesitating to get in at this price....to be worthwhile, would have to go to 750p.....like you say : might not.

The one to get in might be VPC.....

If someone is prepared to pay 750p then it must be worth a whole lot more,1150p or even more, so short/long term it looks good.
Disappointing the significance of todays news has been overlooked?
cyril

i wonder how valid the closing price of 665 will prove to be

Great day,market waking up to its potential.

No yellow flags here?
cyril

no ... i hold these, though i wish there was rather heavier trade

http://www.investegate.co.uk/Article.aspx?id=200907270700132903W
cyril

Significant Oil Discovery in the Kurdistan Region of Iraq

Shaikan-1, Shaikan Block




Gulf Keystone Petroleum Ltd. (AIM: GKP), an independent oil and gas exploration company announces that Gulf Keystone Petroleum International (50% GKP, 50% ETAMIC) has made a significant discovery at the Shaikan-1 exploration well. The well is located in the Shaikan Block, situated near the city of Dihok, approximately 85 kilometres North-West of Erbil in the Kurdistan region of Northern Iraq.

cyril

OPERATIONS UPDATE:
EARLY PRODUCTION FACILITY EXPANSION COMPLETED
KHURBET EAST PRODUCTION EXCEEDS 14,700 BOPD
WORKOVER PROGRAMME COMMENCES

London, 6th August 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 the successful completion of
the expansion of the processing capacity at the Khurbet East Early
Production Facility ("EPF") to approximately 18,000 barrels of fluid
per day and to provide the following update on operations at Block
26, Syria.
EXPANSION OF BLOCK 26 EARLY PRODUCTION FACILITY
The planned expansion of the Khurbet East EPF has been completed with
the EPF now capable of handling approximately 18,000 barrels of fluid
per day ("bfpd").
Tie-in operations have also been concluded on the previously drilled
KHE-9 and KHE-10 production wells coincident with the completion of
the expansion of the EPF, with the result that gross daily production
from the Khurbet East Field has increased from approximately 10,730
barrels of oil per day ("bopd") during the month of June to
approximately 14,700 bopd. The KHE-9 well is currently flowing at
approximately 2,100 bopd and KHE-10 well is contributing
approximately 1,900 bopd. As with the other production wells in the
Khurbet East Field, these new wells are flowing oil with negligible
associated water cut.
Drilling operations on the KHE-11 horizontal well ("KHE-11") have
also recently been successfully concluded, and this well is awaiting
tie-back to the EPF. The KHE-11 well was spudded on 20th June at a
surface location approximately 700 metres to the east of the Khurbet
East discovery well KHE-1. KHE-11 is the third of three development
wells planned to support the expansion of the Khurbet East EPF.
The KHE-11 well was drilled to a total measured depth of 2235 metres
or 1962 metres true vertical depth ("TVD") and encountered the top of
the oil bearing Cretaceous Massive reservoir at 1945 metres TVD. A
horizontal section of approximately 60 metres of Cretaceous Massive
Formation was penetrated within the uppermost portion of the
reservoir. Reservoir properties encountered in the KHE-11 well-bore
are consistent with those in the other high performance wells in the
central portion of the Khurbet East Field, and this well is
anticipated to produce oil at similar rates to the other production
wells located near the structural crest of the Field.
KHURBET EAST FIELD DELINEATION WELL
The drilling rig has now moved on to drill well KHE-12, a delineation
well located near the currently interpreted southern limit of the
Khurbet East structure. KHE-12 is located some 3.2 kilometres south
of the previous delineation well KHE-8, which encountered a full oil
column. The objective of KHE-12 well is to provide structural and
stratigraphic information which may lead to the extension of the
Khurbet East Field into the southern tip of the Khurbet East fault
block structure and to locate the field-wide oil-water contact. The
KHE-12 well was spudded on 1st August, and drilling operations are
expected to be completed within approximately 45 days.
WELL WORKOVER PROGRAMME COMMENCES
Operations have commenced this week on a three-well workover
programme using a recently contracted workover rig. The multiple
objectives of the planned workover programme are to prepare the
Yousefieh-1 well as a future producer from the Yousefieh Field and to
establish continuous oil production to surface from the Yousefieh-2
and KHE-7 wells which were drilled as delineation wells on the
Yousefieh and Khurbet East Fields, respectively.
Wireline logs and core samples taken from the Yousefieh-2 and KHE-7
wells suggest that the oil bearing reservoirs in these wells are of
relatively poor quality and as such the oil volumes that have been
encountered at these well locations are not currently classified as
reserves. However, a successful outcome from the workovers of
Yousefieh-2 and KHE-7 wells may lead to additional reserves being
identified.
The workover programmes will involve well testing operations
inclusive of acid stimulation and artificial lift if required.
Previous open hole testing conducted on the Yousefieh-2 well during
drilling operations recovered oil to surface in the absence of acid
stimulation, but in sub-commercial quantities.
Workover operations will initially commence on the Yousefieh-2 well
and be followed by the Yousefieh-1 well where a remedial cement
operation will be carried out. Following completion of work on the
Yousefieh wells the workover rig will then move to KHE-7 well to
commence testing operations.
Ric Malcolm, Gulfsands CEO, said
"The impressive performance from new development wells at Khurbet
East has resulted in an increase in field production from 10,700 to
in excess of 14,700 bopd. With production well KHE-11 yet to come on
stream, we remain on track to achieve our target of producing 16,000
bopd by the end of the year."
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.

A little miffed over this in that i intended to top up this am, after seeing the SP
at day end?

cyril

well the bid materialised eventually, and though i only had a small holding, all profits welcome.

i actually topped up with GPX the other day, so i am hoping that one will also prove a healthy investment .... the jackpot for me would be a decent-sized bid for CFM, which has been indicated but is yet to be crystalised