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

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

What 2 pieces of news within a week, we are being spoilt.Seriously todays
news is most encouraging for us long termers, if the expected news regarding Tigris is as positive as todays then we'll have some real vertical?
cyril

niceonecyril

hopefully it's a producer they have encountered reservoirs and there must be a good chance of flowing oil.

Good update for me, slightly disapointing second half production but current production well above 7,000 bopd.

A little more detail on the progress of Tigris would have been nice though.

But good to see further Colombian contracts added.

AndyH78

Giante#1A 1050bopd
Campo Rico #1#2#3 combine 1,300bopd
Vigia#1#2#3 combine 550bopd
Centauro#1#2 combine 700bopd

second half of 2006 total 3,600bopd

Aha, misread the RNS, thats what you get for trying to access MoneyAm on your mobile, I double the counted the 3,600.

Thats why the share price hasn't done anything then.........

niceonecyril,AndyH78

Saxon Rig223 will not be returning to Fortuna Block

Emerald will source local RIG at Aureliano if determined to be COMMERCIAL

In Colombia the Company is evaluating the Aureliano structure and if determined
to be commercial will source a local drilling rig to commence an appraisal and
development drilling programme.

The Saxon Rig 223 will proceed with Emerald's exploration and development drilling schedule.

The Saxon Rig 223 will return to Emerald's Llanos operations in the second quarter of 2007 and will resume drilling in the Campo Rico Block.

The Saxon Rig 223 will proceed with Emerald's exploration and development drilling schedule.

The Saxon Rig 223 is now on loan,And is expected return to Emerald in the second quarter of the year and proceed with Emerald's exploration and development drilling schedule,which includes the drilling of Campo Rico No. 4 well in the Campo Rico field.

Emerald Energy says H2 daily gross production 3,663 bopd vs 3,677 bopd in H1
AFX


LONDON (AFX) - Emerald Energy said that its daily gross production in the second half of 2006 was 3,663 barrels of oil per day, down from 3,677 bopd in the first half.

In an operations update, the firm said production in the second half had been affected by the failure of an electric submersible pump in the Gigante No1A well and a subsequent two week shut-in.

Looking ahead at its Colombia ops, the company said it is evaluating the Aureliano structure and, if determined to be commercial, will source a drilling rig to begin an appraisal.

The Saxon Rig 223 is due to return to Emerald's Llanos operations in the second quarter of 2007 and will resume drilling in the Campo Rico Block, while seismic acquired over the Gigante structure is being processed and will be used to finalise the drilling plans for the Gigante No2 development well, it said.

Emerald added that it continues to identify prospective acreage in Colombia to be explored, as well as 'growth opportunities' in other geographical areas.

In Syria, meanwhile, the company said it is committed to drilling at least two more exploration wells before August 2007, when the initial exploration phase for Block 26 ends.

Angus MacAskill, Emerald's chief executive, said: '2007 will be an exciting year for Emerald starting with the results of Tigris and Aureliano exploration wells expected in the first quarter, development activities in Campo Rico and Gigante in Colombia, two further exploration wells in Syria and the advancing of exploration activity in Colombia.'

Andyh78

yes

but good news that Giante#1 now producing 1,050bopd @ $50 = $52,500 a day.

Current production even lower at 3,600 bopd - what do you mean good news about Gigante?!?!

Terrible RNS saying nothing that gives any comfort as to why production is worse than stagnant, nothing new has gone into production for god knows how long, and very ambivolent use of the word "exciting" about two wells that should have been drilled and tested by now enough to say whether there is oil there or not.


Heaven save us from the bad news, DFGO, when it comes.

DFGO;
Tend to agree with stockdog,so many promises regarding production,with
no increase leaves us vunerable to any bad news. A positive result from Tigris, is
a must now.
With about 100 mtrs to go it can't be long now.
cyril

Better news today on Syria update with drilling of Khurbet East mid Feb

Yep the third and fourth wells to be drilled within a few month.
Even if Tigris is dry, the odds are they'll hit a fairly big one before long.
SP should be substantially higher by end of the year.

stockdog
In 2005 giante average 676bopd.

The good news about Giante.

1.Giante produces 32 degree API oil.

2.And gets WTI price per barrel

3.The Giante average 627bopd in first six months of 2006, Althrough being shut down for workover, and fitting new casing,ESP,etc.

4. The first 6 months = 181 days x daily average 627bopd = 113,487barrells @ $50 x = $5,674,350

5.End Sept 2006 Giante daily average of 891bopd a 24.13% increase over 2005 and
a 30.37% over 1st half 2006

6.9 month production = 273 days x daily average of 891bopd = 243,243 @ $50 =
$12,162,150

I have done workings @ $50 but WTI oil price not been that low this year,And in H1
a lot higher.

Still looking for 50p - getting closer all the time.