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

Your search string matches are marked in orange

from oil Barrel in news search

02.11.2006
Emerald Energy To Shoot 3D Seismic Ahead Of Drilling The Long-Awaited Gigante-2 Well In Q4 2007
This weeks news that Emerald Energy has awarded a contract for the acquisition of 3D seismic over the Gigante field in Colombia marks a return to a project that has played a key role in the companys history.

The Gigante field lies in the Upper Magdalene Valley and produces from a single well, Gigante-1A, at a rate of 900 barrels per day. The field has produced some 2.2 million barrels of oil since starting production back in 1999 and independent consultants reckon theres plenty more to play for, with proved, probable and possible reserves of 18 million barrels.

But this potential was difficult to see back in 2000 when a devastating well blowout destroyed the companys sole source of production and mired the company in debt and legal wrangles. A rescue rights issue and board clear-out in August 2003 got the company back on a firmer financial footing and the Gigante-1A well was rehabilitated and production stabilized, gradually climbing to 900 barrels per day of 32-degree API Oil.

Now the company, which today pumps more than 4,000 barrels per day from five fields in Colombia and is a 50/50 partner in a possible company-making exploration project in Syria, is moving ahead to exploit the untapped potential of the Gigante field. Seismic firm Compania Geofisica Latinoamericana is set to get to work on a 58 sq km 3D shoot, which should take around two months with processing taking a further four months. The data will be used to confirm Emeralds model of the field and help define a drilling location for the planned Gigante-2 well.

This well has been on the cards for more than six years. It was part of the companys original plans for the Gigante field but got shelved during the fall-out from the blowout. More recently, industry-wide equipment shortages have delayed work on Gigante-2, which will require a rig capable of drilling down to 16,000 feet. Emerald now anticipates drilling the well in the fourth quarter of 2007 at the earliest.

This allows plenty of time to complete discussions with state oil firm Ecopetrol, which has the right to participate in the well with a 50 per cent interest if the well is drilled as a development well inside the joint operations area. If Ecopetrol decides not to participate, then Emerald will proceed alone and will have the right to recover 200 per cent of the well costs from any future production. If the well is drilled outside the joint operations area as an exploration well, Emerald will pay 100 per cent of the costs, with Ecopetrol retaining the right to participate in 50 per cent of any future production and Emerald retaining the right to recover 50 per cent of its costs.

Emerald has been a long time player in Colombia, a country that has overcome fears about security issues and fiscal terms to become something of an E&P starter package for oil juniors. Emeralds investments have been followed by the likes of AIM-quoted Black Rock Oil & Gas, Chaco Resources and Global Energy Development. These companies are hoping to follow Emeralds lead (albeit without the production hiatus and financial mess of the Gigante saga) and gain low-cost entry to near-term development projects and low cost exploration, in order to get some all-important barrels on the balance sheet.

It has, at last, paid off for Emerald. Its Colombian business produced 3,677 bpd over the first six months on this year, up 45 per cent on the prior year period, with pre-tax profits up 66 per cent at US$5.4 million. Production is now running at 4,200 bpd from nine wells on five fields.

Despite now turning its attention to high impact drilling in Syria, where field sizes dwarf those on its Colombian acreage, there is still plenty to keep Emerald interested in this vast and relatively under-explored country. Later this month the company will drill the Aureliano-1 exploration well. The prospect lies next door to the Totumal oil field, which produced 800,000 barrels of oil from a Cretaceous limestone formation until it was shut-in by Ecopetrol in 1993. Emerald is mulling a possible re-entry of two of the existing Totumal wells to restart production from the field. And in September the company signed up to explore the 365 sq km Maranta block, which lies in the southwest of the country and to the northeast of the producing fields of the Putumayo basin.
< back
http://www.oilbarrel.com/home.html

TIGRIS
on the 7th December Tigris drill depth was 3435mtrs,and estimated the remaining
1065mtrs would take a further 45 days to drill and evaluate with wireline logs,
If the estimated days are correct the 45 days are up on Sunday 21st January,
So we are 9 days away from an announcement provide they are on schedule,But
there could be announcement during next week if they are ahead of the schedule.

Or a month later if they need time to collect/analyse the results. It seems highly likely they will be core sampling/wireline logging or what have you as they retreat from the total depth - this is a time consuming process. I'm not holding my breath until I see the RNS.

AURELIANO
On the 13 December Aureliano was spuded and estimated to take approximately 35 days to drill to the planned measured depth of 8,600 feet,Emerald have not mentioned evaluate and wireline log,the work period for evaluating wirelog may have to be added, The 35 days are up on monday 22nd January,So we are about 10 days approx away from news provide they are on schedule

October 2006
EMERALD ENERGY Plc

58 km 3D seismic program over Gigante field IN PROGRESS




------------------------------------------------------------------------------

Page 2
Colombia Gigante field background

History of well Gigante #1A

G#1A was drilled in 1998 and discovered oil in Tetuan reservoir

Well suffered a blowout in May 2000 and sustained damage to the near well bore during the well kill operations

Gigante #1A has produced over 2.2 million bbl of 31% API oil since 1999

Reserves* (gross 100%) and Reserve Life

Proven & Probable (2P) 7.6 mmbbl 33 years

Proven, Probable & Possible (3P) 17.8 mmbbl 78 years

*Reserves = Emerald estimate as at 30/06/2006, based on RPS reserves report adjusted for production **Reserve Life = reserves/annual production


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Page 3

Colombia - Potential of Gigante field

Opportunity of Tetuan formation

Current average production of G#1A is 800-900 bbl/day of 31% API oil from 23 ft net thickness of reservoir.

Initial production rates for G#1A after fracture stimulation in 1999/2000 (i.e. preblowout) of up to 4,000 bopd

Additional wells will increase field production rate and overall recovery of reserves during term of Matambo Association Contract

Exploration Upside of Caballos formation
Re-test deeper Caballos reservoir - 3 bbl of oil was recovered during DST (1998)
Potential of up to 180 ft of reservoir thickness

Emeralds estimate of resources are

P90 estimate - 11 mmbbl

P50 estimate - 15 mmbbl

P10 estimate - 22 mmbbl


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Page 4

Colombia Gigante #2 relative to Gigante #1A


-------------------------------------------------------------------------------
Page 5

Colombia Gigante #1A electric wireline logs Tetuan (current producing zone) Caballos

DST 1

203 bbl water

DST 2

58 bbl water 3 bbl oil

DST 3

2,260 bopd oil


-------------------------------------------------------------------------------
Page 6

The 3D seismic dataset will be used to:

1. improve structural interpretation of Gigante field

2. selection of drilling locations for future development wells

Colombia Gigante 58km 3D seismic program


-------------------------------------------------------------------------------
Page 7

Colombia Proposed activities for Gigante #2

2006 Activities

Acquire 58km 3D seismic Q4 2006 (in progress)

2007 Activities

Process & interpret 3D seismic select drilling location

Decision milestone based on 3D interpretation, rig availability and funding (see page 11)

Order long lead time items (casing, well head, etc)

Contract suitable drilling rig

Mobilise rig

Spud well, commence drilling to 16,000ft Production Facilities

Put Gigante #2 on production using facilities at Gigante #1A


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Page 8

Colombia - Gigante #1A well and field processing facilities


-------------------------------------------------------------------------------
Page 9

Colombia - Gigante field loading facilities


-------------------------------------------------------------------------------
Page10

Colombia Commercial terms of Matambo Association Contract

Emerald will pay 100% of the drilling costs for Gigante #2

If, after drilling Gigante #2, Ecopetrol declares commercial status

Ecopetrol backs in for 50% working interest in the discovery

Ecopetrol receives 50% of the production after royalties and pays 50% of all
future costs

Emerald entitled to recover Ecopetrols 50% share of exploration costs, including 3D seismic costs

Reimbursement of 50% of Emeralds drilling costs of Gigante #2 will be available to fund future development drilling of Gigante field.


-------------------------------------------------------------------------------
Page 11

Colombia Drilling Gigante #2

Investment case Gigante #2 has potential to:

Substantially increase production from Gigante field

Produce more 31 % API oil with higher sales value

Recover 4 mmbbl from Tetuan, equivalent to buying producing reserves at $6/bbl

Discover new reserves in the lower Caballos with finding costs of between $1 to $2 per bbl

Financing options for Gigante #2, estimated cost of up to $25m

Raise additional funds through issue of new shares

Seek farmin partner to finance all or part of drilling costs

Debt

All options being explored by management

http://www.emeraldenergy.com/EmeraldEnergyPlc-58km2_3D_seismic_programme_Gigante_field.pdf

The reserves in the PDF refers to drainage area of oil Giante#1a in contact with.
http://www.emeraldenergy.com/EmeraldEnergyPlc-58km2_3D_seismic_programme_Gigante_field.pdf


from 1998 RNS see link bottom of post
Giante#1a estimated drainage area of 2.6 square kilometres,Emerald have calculated that assuming uniform reservoir characteristics within the Tetuan Formation this would give between 400 million and 580 million barrels of oil in place within the estimated 30 square kilometres of the Gigante structure

From website
The Gigante field has been defined as an area around Gigante #1A well with a radius of 733m
http://www.emeraldenergy.com/OnP-Matambo_Gigante.htm


The field now believed to be a lot larger than the 30kilometers square the old Management believed the Gigante structure to be, hence the 58kilometers 3D seismic program Emerald have in progress,and the 3D seismic almost twice the size of the 30kilometers the old management said,so how many million barrels
far far far more than the P90,P50, P10,Emerald showing in the PDF


for the following see link at bottom of post

GIGANTE POTENTIAL DOUBLES Emerald Energy Plc, the UK based oil exploration company, with the bulk of its exploration activities in South America, announces that independent consulting engineers, Blackwatch Petroleum Services Limited have advised the Company that, based on their analysis of the latest pressure and production data from the Gigante 1A well in the Upper Magdalena Valley in Colombia, that this well alone is in contact with between 35 million and 50 million barrels of oil in an estimated drainage area of 2.6 square kilometres.
http://www.emeraldenergy.com/EmeraldEnergyPlc-58km2_3D_seismic_programme_Gigante_field.pdf

Emerald have calculated that assuming uniform reservoir characteristics within the Tetuan Formation this would give between 400 million and 580 million barrels of oil in place within the estimated 30 square kilometres of the Gigante structure. This represents a significant increase over the Company's earlier estimate in August, of 200 million barrels of oil in place.
http://www.advfn.com/p.php?pid=nmona&cb=1168784899&article=992694&symbol=L%5EEEN

Re Aureliano, I may not be a mathematical genius, but I make the 35 days up tomorrow (Wednesday).

I also make Tigris target date Sunday, so possible announcement Monday, the RNS said that the 45 days would include testing and analysis.

AndyH78

sorry I allowed Dec24,25,26, 31, Jan1 OFF for Colombia but did not explain in post
and straight through for Syria but Syria now early Feb as per Jan 07 presentation PDF on GPX website.

Thanks DFGO, no access to the "other board" at work, so only get chance to catch up at the weekend, but there's a lot of posts......

Any reason stated for the delay at Syria?

Andyh78
sorry for delay,been out today so only posted on advfn this mornning.

All following on Gulfsands PDf,no RNS issued
Exploration and Apprisal in Syria

Additional Potential Syria, EOR projects in large existing fields.

Tigris drilling to be complete in Febuary,no reason given [possibly due xmas/new year break]

Two further wells in 2007

Next well to spud in March 2007 "Khurbet East Heart Land Trend" Syria


http://www.gulfsands.net/i/pdf/Gulfsands-Corporate-Presentation-Jan07.pdf

some history about Giante#1a field.
A new well Giante#2 to spud towards end 2007 most likely Qtr4

All taken from Company RNS.



DFGO - 19 Jan'07 - 19:26 - 22462 of 22468 edit


bob,et al
In the following from 1997 interims results the Matambo block covers 15.7sq km
and the 1992 Giante1 well was drilled to 13,419ft oil was produced from a higher secondary target at around 13,000ft.

Schlumberger Geoquest estimated, using reasonable assumptions for reservoir parameters, that the Gigante structure could contain 920 mbls of oil in place.

I take the Schlumberger Geoquest are refering to the 15.7sq km not the block as we know now.

Although show it as The Matambo Block south of Neiva in the Upper Magdalena Valley covers 15.7 sq km they are refering to Giante field.

2/9/97
GIGANTE WELL TARGET AT 15,500FT

The Matambo Block south of Neiva in the Upper Magdalena Valley covers 15.7 sq km and is 40km south-west of the main pipeline terminus at the Yaguara oilfield. Emerald says the original well location will be used to side-track from the existing Gigante 1 well in order to test the primary target at about 15,500ft.

Gigante 1 was drilled on the crest of the structure to a depth of 13,419ft in 1992. Oil was produced higher up from a secondary target at around 13,000ft.

Schlumberger Geoquest estimated, using reasonable assumptions for reservoir parameters, that the Gigante structure could contain 920 mbls of oil in place.

http://www.advfn.com/p.php?pid=nmona&cb=1169222583&article=669111&symbol=L%5EEEN
---------------------------------------------------------------------------
In the following Directors estimate that the area of the Tetuan structure lies between 15.7 square kilometres and 31.0 square kilometres.

So it would appear that the Schlumberger Geoquest estimated, using reasonable assumptions for reservoir parameters, that the Gigante structure could contain 920 mbls of oil in place,Refered to in the 15.7sq km.

The uncertainty of 15.7 square kilometres and 31.0 square kilometres,being due to the relatively low seismic coverage on the block at present.

And no where near the 50sq km we know the field to be now.

Emerald Energy PLC - Placing & Open Offer
RNS No 9049f EMERALD ENERGY PLC 1st February 1999
Using information gathered from the test programme, independent consulting engineers calculate that there are 6.64 million barrels of oil in place per square kilometre for the tested interval in the Tetuan Formation.
The Directors estimate that the area of the Tetuan structure lies between 15.7 square kilometres and 31.0 square kilometres, the uncertainty being due to the relatively low seismic coverage on the block at present.
Using a recovery factor of 30 per cent, this gives indicative reserves in the range 31 to 62 million barrels of oil.
There is the potential for substantially more reserves within the block should the structure be proven by new seismic data to extend into a large structure in the adjoining Gaitanas block.
In addition, if the underlying Caballos reservoir flows oil, then the estimated overall reserves in the field could increase several times over.

http://www.advfn.com/p.php?pid=nmona&cb=1169229929&article=878278&symbol=L%5EEEN
--------------------------------------------------------------------
Emerald Energy PLC Final Results
RNS Number:0493C Emerald Energy PLC 12 April 2001

We acquired 145kms of new seismic across the Gigante field.
The Block has been remapped and the area under closure within the block determined at approximately 50 square kilometres compared with our initial estimate of 30 square kilometres

The Directors consider that the Upper Caballos could contain 350 million barrels of oil in place attributable to Emerald within the Gigante structure.

The potential reservoir in the Lower Caballos is approximately three times as thick as the zone currently producing in the Upper Caballos and therefore provides an exciting target.



http://www.advfn.com/p.php?pid=nmona&cb=1169232822&article=637256&symbol=L%5EEEN

And figure of 930 million barells including 700million in the Lower Caballos.
not got time to find RNS at the moment because my dinner ready but will post
it tomorrow
-------------------------------------------------------------------------------------------------
Edit
The following from above 12/4/01
We acquired 145kms of new seismic across the Gigante field.

The Block has been remapped and the area under closure within the block determined at approximately 50 square kilometres compared with our initial estimate of 30 square kilometres

And the following is the result of 145kms of new seismic across the Gigante field
and remapping .

The Giante Field increased in size to 50sq km from 30sq km

And It is currently estimated that the field has 'oil in place' of around 930 million barrels, 230 million barrels in the formation that is currently producing, the Tetuan/Upper Caballos, and 700 million barrels in the deeper Middle Caballos

Of major interest to shareholders will be the progress of the Iskana #1 exploration well currently being drilled on the adjacent block by TotalFinaElf

There may be structural connection between Iskana and Gigante and success in the former might suggest increased reserves in our field.

RNS Number:8629K Emerald Energy PLC
28 September 2001

In preparing the information for the data room we have been once again reminded of the scale of our discovery at Gigante.

It is currently estimated that the field has 'oil in place' of around 930 million barrels, 230 million barrels in the formation that is currently producing,

the Tetuan/Upper Caballos, and 700 million barrels in the deeper Middle Caballos. Assuming the drilling of some eight development wells and at least three water injection wells.

A 30% recovery factor would give proven and probable reserves of around 280 million barrels, of which approximately 80 million barrels would be attributable to Emerald after Ecopetrol back-in and payment of a 20% government royalty.

Of major interest to shareholders will be the progress of the Iskana #1 exploration well currently being drilled on the adjacent block by TotalFinaElf.

This well, which in many ways can be regarded as a step-out well from Gigante #1A, is some 8 kilometres to the east.

We have agreed with Ecopetrol that, given the importance of the results from Iskana to the future development of the Gigante field, the location of Gigante #2 will not be finalised until after we have had the opportunity to incorporate the new data later this year.

There may be structural connection between Iskana and Gigante and success in the former might suggest increased reserves in our field.
http://www.advfn.com/p.php?pid=nmona&cb=1169258940&article=1722560&symbol=L%5EEEN

Emerald showing 230 million barrels in the formation that is currently producing, the Tetuan/Upper Caballos, and 700 million barrels in the deeper Middle Caballos,
and Lower Caballos not Mentioned

In 12/4/01 RNS The potential reservoir in the Lower Caballos is approximately three times as thick as the zone currently producing in the Upper Caballos and therefore provides an exciting target.

Are there 3 Caballos Upper,Middle,and Lower? and is this where Schlumberger Geoquest estimated, using reasonable assumptions for reservoir parameters, that the Gigante structure could contain 920 mbls of oil in place for the15.7sq km?




DFGO - 20 Jan'07 - 13:51 - 22467 of 22468 edit


cfc,bob et al
1.Giante depth 15,790 ft,Giante2 Target depth 16,000ft
RNS No 3354v EMERALD ENERGY PLC
23rd September 1998
EMERALD ENERGY COMPLETES LOGGING AT GIGANTE 1A WELL IN COLOMBIA AND PREPARES FOR TESTING Oil & Gas Shows Recorded Over More Than 350ft Of Gross Pay

Emerald Energy announces today that its Gigante 1a exploration well in the Upper Magdalena Valley of Colombia has reached a total depth of 15,790ft within the top of the basement. The well has been logged and is being prepared for a programme of tests.
cfchttp://www.advfn.com/p.php?pid=nmona&cb=1169292025&article=825036&symbol=L%5EEEN

----------------------------------------------------------------------
2.RNS No 3749p EMERALD ENERGY PLC
9th November 1998
The tests were conducted over a gross hydrocarbon column of 365ft identified by the logs, encompassing the entire Tetuan (180ft) and underlying Caballos (185ft) formations.
The objective was to evaluate the hydrocarbon shows encountered during drilling, subsequently confirmed by logging; good porosity, permeability and oil saturations were indicated.

The DST-3 shows depth Tetuan 58ft[58ft Tetuan depth shown due to mud damage see
4 below]

Emerald only showing depth of Tetuan 23ft in the Oct 27th 2006 PDF
http://www.emeraldenergy.com/EmeraldEnergyPlc-58km2_3D_seismic_programme_Gigante_field.pdf


DST-3 (15,372-15,430ft) tested the uppermost Tetuan fractured limestones and sandstones over an interval of 58ft, and flowed at a stabilised rate of 2,250BOPD of good quality 33.1 API oil through a 80/64-inch choke, with 950,000SCFD gas.
http://www.advfn.com/p.php?pid=nmona&cb=1169294556&article=845491&symbol=L%5EEEN

-------------------------------------------------------------------------
3.Also showing 58ft

cfc, A lot of info in this RNS whats your opinion about.

If this study has a positive outcome, the Company would hope to prove significant additional reserves both in Gigante and the Matambo block as a whole.

Are they iyo still refering to Schlumberger Geoquest figure for Giante ref the 15.7sq-31.1 sq km or all the Matambo Block.?

RNS No 9049f EMERALD ENERGY PLC
1st February 1999
OPERATIONS IN COLOMBIA - MATAMBO ASSOCIATION CONTRACT In November 1998 the Company completed the drilling and testing of the Gigante #1A well on the Matambo block. On test the well flowed 2,250 barrels per day of good quality (33.1 API) oil together with 950 thousand cubic feet of gas from a 58 ft interval in the Tetuan Formation, one of the two targeted reservoirs.
http://www.advfn.com/p.php?pid=nmona&cb=1169294804&article=878278&symbol=L%5EEEN

-----------------------------------------------------------------
4.The reason 58ft Tetuan depth shown due to mud damage.[Tetuan depth 180ft]

RNS No 3858d EMERALD ENERGY PLC
23 August 1999
The establishment of commercial production from the Tetuan Formation, which also had high levels of mud damage
http://www.advfn.com/p.php?pid=nmona&cb=1169293948&article=980482&symbol=L%5EEEN

sorry links not working

I need your help, guys - from one of the more knowledgeable oil threads around.

I have 10% of my portfolio in oils spread across 4 shares - half the normal 5% I allocate to each of my stocks before going overweight.

I now realise I don't know very much about oil stocks and am being drawn towards more trading stocks like ASC, COH, DGT, MYH, RCG which I find I do understand and can do my own analysis (on margin, ROCE, EPS, PE, PEG etc) pretty competently. Whereas I fins oils a mixture of prosaic trading and pure speculation. Much as I like a flutter, it's not a reliable way of building my pot for me. So I'm contemplating reducing/extinguishing my exposure to oils.

Of the four stocks I hold, CHP, EEN, FOGL and SEY (all of which appear to be on the brink of the "big break through" - well, maybe FOGL has a yeaer of two longer to wait than the others) in what order would you advise me to dispose of each in turn - leaving the best prospect till last, of course?

Perhaps I know what the answer from this thread will be, but nonetheless TIA!

www.oilbarrel.com

The Tigris prospect is on Block 26 in Syria. This is an 11,000 tranche of acreage, equivalent in size to 50 North Sea blocks. It lies in a proven oil and gas province - the block is home to fields that are producing over 110,000 barrels of oil per day for the state firm, the Syrian Petroleum company (SPC). There are numerous significant hydrocarbon accumulations here, mainly within the shallower Cretaceous and Triassic reservoirs which are thought to total 3 billion barrels of recoverable oil.

However Gulfsands Production Sharing Agreement (PSA) gives it - and its 50/50 partner Emerald Energy - rights to the deep Palaeozoic reservoirs under the existing shallower fields.

These deeper prospects have been drilled before; the S1100 well was sunk by the SPC in 1994 but ran into technical problems after having identified potential hydrocarbon bearing zones with wireline logs. These were not tested because of mechanical difficulties and the well was abandoned.

The partners Tigris-1 well was spudded on September 26. This well will go down to 4,500 metres to target the carboniferous and Devonian-aged reservoirs that lay directly under the Soudieh field, the largest field in Syria.

The company last reported progress on the well in the middle of December. At that point Gulfsands said it had set 9/5/8 casing at a depth of 3,435 metres. At this depth, therefore, the well had entered the Palaeozoic aged section, or the groups own rocks. It also said that the well should reach target depth within a further 35 days. This is about now so we are into holding our breath territory. Independent reservoir engineers, the Ryder Scott Company, estimates the structure could have probable reserves of 442 bcf of gas which combined with possible and prospective resources, total a potential resource of 4.3 tcf of natural gas or 562 million barrels of oil. Watch this space.

keep a eye on Emerald waiting on Aureliano#1 Exploration well in Fortuna Block
Colombia,And Tigris#1 block 26 Syria, drill results.

RNS Number:1924Q
Emerald Energy PLC
26 January 2007


Emerald Energy Plc


26 January 2007


Helen Exploration and Production Contract Award in Colombia


Emerald Energy Plc ("Emerald" or the "Company") is pleased to announce that it
has been awarded a new exploration & production contract (the "Contract") in
Colombia and has entered into an agreement with a co-venturer to jointly explore
the contract area.


The Helen Contract, awarded by the National Hydrocarbon Agency of Colombia
("ANH") is located in the Putumayo Basin in south-west Colombia and covers an
area of 213 sq. km. The initial phase of the exploration period is up to 16
months and the minimum work programme comprises the acquisition of 30 km of new
2D seismic data and the re-processing of 120 km of existing 2D seismic data. If
the second phase is entered, the minimum work programme includes the drilling of
1 well to an estimated depth of 10,000 ft.


Emerald has entered into an agreement with Vetra Energy Group LLC ("Vetra"),
subject to approval by the ANH, under which Vetra will undertake 100% of the
cost of the initial phase of exploration and will be assigned an 85% interest
in, and operatorship of the Contract. Emerald will retain a 15% interest in the
Contract and will be fully carried through the initial phase of exploration.


Emeralds' Chief Executive Officer, Angus MacAskill, said:


"We are very pleased with the award of our third ANH E&P Contract in Colombia.
The new contract builds our position in the Putumayo Basin and the deal with
Vetra minimises our capital exposure while retaining a material interest. We
look forward to working with our new partners in this area."

Seems a rather lowly 15% interest. Do they have back-in rights?

Any oileraks out there know how good a block this is? Any previous drilling on it?

TIA

I'm sure Bob will provide some good info on "the other board"

A well timed announcement, the chart was beginning to look rather dodgy.

Emerald Energy awarded new contract in Colombia, to explore it in JV with Vetra


LONDON (AFX) - Emerald Energy said that it has been awarded its third
exploration & production contract in Colombia and has entered into a joint
venture with Vetra Energy Group to explore the area.
The Helen Contract, awarded by the National Hydrocarbon Agency of Colombia,
is located in the Putumayo Basin in south-west Colombia and covers an area of
213 square km, said Emerald.
The firm said the initial phase of exploration is up to 16 months and the
minimum work programme comprises the acquisition of 30 km of new 2D seismic data
and the re-processing of 120 km of existing 2D seismic data.
If the second phase is entered, the minimum work programme includes the
drilling of one well to an estimated depth of 10,000 ft.
Vetra, a private company created by Venezuelan state oil company executives,
will undertake 100 pct of the cost of the initial exploration and will have an
85 pct interest in, and operatorship of, the contract, while Emerald will retain
a 15 pct interest.
Emerald's chief executive Angus MacAskill said: "The new contract builds our
position in the Putumayo Basin and the deal with Vetra minimises our capital
exposure while retaining a material interest."
newsdesk@afxnews.com
ro

stockdog,AndyH78
Emerald will retain a 15% interest in the Contract and will be fully carried through the initial phase of exploration.

A good deal really 15% for doing nothing in initial phase of exploration.
Vetra will pay for seimics, which be several hundred thousand dollars.
Emerald can use cash they would have paid for seimics and also time involved elsewhere.

A ANH contract,only 12.5 tax to pay on production,No back in involved.
Emerald will retain a 15% interest in the Contract and will be fully carried through the initial phase of exploration.
The initial phase of exploration would be the minimum work programme comprises the acquisition of 30 km of new 2D seismic data and the re-processing of 120 km of existing 2D seismic data,.
Emerald paid $888,000 for Helen block see my following post fro advfn.


DFGO - 23 Jan'07 - 16:29 - 22519 of 22612 edit


vav
your asking bob for the link ANH CONTRACTS Emerald have Announced Maranta Bloc, And Ombu Block.

Emerald have not ANNOUNCED HELEN BLOCK YET

In addition, the ANH signed three contracts of exploration and production with the company Emerald Energy. First of these contracts it is for the Marantblock, in the river basin of the Putumayo, that has 36,608 hectares and its program of activities in first stage requires of investments by 816 thousand dollars.

To the same company the Agency adjudged to him, also in Putumayo, the block Helen with an area of 21,256 hectares and a plan of investment that reachs the 888 thousand dollars in his first stage.

The third contract is for the Ombblock, located in the region of the Cagu - Vaup, that has 29,900 hectares and an exploratory plan of 11 months in first stage with investments by 1 million 203 thousand dollars

Emerald Energy PLC
29 January 2007


Emerald Energy Plc

29 January 2007


Aureliano No.1 Well Update


Emerald Energy Plc ('Emerald' or the 'Company') would like to provide the
following update on the status of the Aureliano No.1 exploration well in the
Fortuna Association Contract area in the Middle Magdalena Valley in Colombia.
Emerald has a 90 percent interest in this contract.


The well has been drilled to a total measured depth of 8,745 feet with a maximum
deviation through the target formations of 45 degrees. The target La Luna
limestone formations were encountered as forecast, hydrocarbon shows were
recorded while drilling the La Luna sections and analysis of the electric
wireline logs indicates the presence of potential hydrocarbon-bearing zones.


The well has been prepared for production testing to determine the productivity
of the reservoirs encountered. The programme includes the use of natural flow,
artificial lifting, and stimulation to establish well flow rates. The programme
has commenced and is anticipated to take up to 2 months to complete.


A detailed study of all the data acquired during the drilling and testing of the
well will be undertaken to determine both the production potential of the well
and the potential for further development drilling of the Aureliano
accumulation.


With the drilling phase completed, the drilling rig, Saxon 223, is being
de-mobilised from the location. This rig will now go on loan to another operator
to drill one well prior to returning to Emerald in April to continue with
Emerald's 2007 drilling programme.


Emeralds' Chief Executive Officer, Angus MacAskill, said:

'We are very encouraged that the results of the well, to date, are consistent
with the pre-drill prognosis and we look forward to the outcome of this next
critical phase of production testing. If successful, there is potential for
further development in this area.'


Enquiries: Helen Manning 020 7925 2440