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

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

GPX should be a pound higher !.....well it's bye bye EEN.

ah well, there were several peeps here who reckoned the bid for EEN should be north of 10.00 too .....meanwhile, i am very happy with my holding in GPX which is now nicely in the money

EK said 20 pounds for EEN, but he is sometimes ridiculous in his estimations.....I'm in Gulfsands as well and a little breakout is taking place at the moment.

indeed, for it took GPX quite a long time to break through that 200 barrier ..... ditto TLW through 1000

Been in what seems for ages waiting for this ...could be the market thinks that they could be the next target.

remeber that EEN and GPX shared the same Kurbet field (i think), so presume the reckoning is (a) that field has lots of potential and (b) sinochem may now be eyeing up GPX having taken out EEN

Sold out am, would have liked more but all in all happy my return. A 4 bagger in 19 months from starting this thread, wish i could achieve that more often and for me makes the case for investing as against trading.
aimho
cyril

Cyril, I may be missing something here but I thought the offer was for 7.50 per share which would also mean no charges to pay, so why sell now?

because there is a time element which is why the discount of sp to offer.
cyril probaly feels he can put the money to better use elsewhere

cyril .... as no one else will, please tell me what is the actual difference between trading and investing? ......
in both cases, one judges the entry and the exit point, hopefully with a profit ......
if you just go to sleep on a share (passive investor), as many do, there is a greater risk that a paper profit will turn into a bigger paper loss - there are a zillion examples of exactly that ......
if you are an active investor, then you can equally make wrong calls, but with discipline, will cut losses when they start to run away and sometimes cash in profits prematurely - only known with hindsight of course

A trader will only own a share very short-term, maybe a couple of minutes even. I have little interest in what a company does, I try and make my money and then get out and if I get out too quickly then so be it. An investor by definition is investing in the company and will generally hold the share for much longer.

In time terms, where one rolls into another is of course a grey area. I suggest you trade shares rather than invest in them.

DD ..... i think of myself as an active investor! ...... by and large, i too have little interest in what a company does, but try to make what i deem to be a respecatble profit .... this will vary, for obvious reasons and of course i make some real stinker calls too ...... dealing almost exclusively in CFDs, at least i do not have time strictures, though of course being leveraged, they can be verfy dangerous - which is why i generally reduce my portfolio when travelling

Unfortuately I am sad enough to sit here for most of the day ...

Thanks Cynic didn't want to be missing anything!

well this thread can really now be wound up so it'll do for a bit of idle chit chat

Maggie d/d has answered your question,thinking of investing my stake in
CEY (now they are below 90p),also many times i've seen such shares drop in the hope of bored holders losing patience, afterall wer're talking 2% tops?

cynic; you make some good points regarding trading/investing and i;ve over the years experienced both.For myself more investing than trafing as i'm not very good at s/term calls.
Lets take EEN as a prime example,read the header post,which in my oppinion made it imo an outstanding investment,little risk while a hugh upside. Others include KAH(which i sold much to early,31p to 84p) AFR along
with CHL. Of coutse your right to keep an eye on such stock,but it takes away the stress of short term trading.
cyril
P.S.
I'm interested in any suggestions for stock with the above qualifications

Thanks Cyril, It now takes me sooooooooooooooo long to invest in anything (used to jump in where angles fear to tread but have learned the hard way) I think I've time to wait for offer.