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

Gulfsands given go-ahead over Syrian oilfield
By Toby Shelley

Published: February 5 2008 19:25 | Last updated: February 5 2008 19:25

Gulfsands Petroleum expects to push ahead with production in Syria by the end of the year following approval from the Damascus government of development of the countrys Khurbet East oil field.

The go-ahead from the Syrian government on Tuesday helped boost shares in Gulfsands and Emerald Energy, its partner in the development consortium. Gulfsands share price rose 10p to 175p on Tuesday while shares in Emerald closed up 7p at 218p.

An initial production facility will pump about 10,000 barrels a day of crude, half of it attributable to the Aim-listed company. Cash flow from early production will help finance Gulfsands share of full development of the field in 2009 as production builds to 40,000 b/d.

Khurbet East, which is estimated to have proven and probable reserves of 66m barrels, of which 11.3m barrels is attributable to each of Gulfsands and Emerald after royalties, taxes and the Syrian governments share are taken into account.

Further small discoveries have been made in the vicinity and they will be appraised in the second half of the year. Analysts at Seymour Pierce said these were likely to boost the reserves to 80m barrels with further upside possible from nearby prospects.

The cost to Gulfsands and Emerald of the early production system will be a modest $10m (5.1m) as the development will have access to the pipeline infrastructure of the state-owned Syrian Petroleum Company.

Damascus launched a block tender system for foreign oil companies in 2001 as a means of combating the countrys falling output. From a peak of 590,000 b/d in 1996, output fell to about 400,000 b/d in 2006, threatening the country with becoming an oil importer.

In 2003 Gulfsands became one of the first companies to win a share in a concession. In 2005, the year it listed on Aim, Gulfsands bought out its larger partner, Devon, and took over operational responsibility for the block.

Gulfsands current production is running at about 2,500 b/d, generated from US assets. It also has a memorandum of understanding with the Iraqi government to capture and market gas that is currently flared during oil production in part of southern Iraq. Emerald, meanwhile, currently produces about 3,600 b/d in Colombia.

http://www.ft.com/cms/s/0/2a4372c2-d41e-11dc-a8c6-0000779fd2ac.html

http://www.investorschronicle.co.uk/Companies/ByEvent/Regulatory/Inbrief/article/20080206/7e37567c-d4a6-11dc-aed6-0015171400aa/Gulfsands-and-Emerald-get-Syria-goahead.jsp

Gulfsands and Emerald get Syria go-ahead

Created: 6 February 2008 Written by: Martin Li

Gulfsands and Emerald Energy have received approval for the commercial development of the Khurbet East Field in north-east Syria, in which each holds a 50 per cent share.

Gross life-of-field proved and probable reserves have been independently estimated at 66m barrels. First oil is expected in late 2008, at a rate of 10,000 barrels of oil per day (bopd), with full field development expected in 2009, at a rate of 30,000-40,000 bopd.

TIP UPDATE

BUY
Khurbet East reinforces both Gulfsands and Emerald, at 164p and 215p respectively, as buys.

Khurbet East field development begins in Syria

Offshore staff

LONDON -- The Syrian Ministry of Oil and Mineral Resources and the Syrian Petroleum Co. have approved commercial development of the Khurbet East field, according to Emerald Energy Plc.

Field development is intended to commence immediately and establish early production from the shallow Cretaceous Massive reservoir as soon as an early production facility (EPF) can be installed. An EPF capable of processing 10,000 b/d of oil is expected to be operational by the 4Q 2008.

Engineering and construction of the EPF is scheduled to commence this quarter. The first phase of development will consist of the construction and installation of the EPF and the drilling of up to three wells, Emerald says.

Khurbet East discovered in 2Q 2007 with the Khurbet East No.1 well. Two appraisal wells have been drilled and tested since, with Khurbet East No.2 flowing 710 b/d of oil from a 10-m (33-ft) section and Khurbet East No.3 flowing 3,420 b/d of oil from the full section of the Massive reservoir.

Emerald holds a 50% interest in block 26 through its subsidiary SNG Overseas Ltd.

02/06/2008


http://www.pennenergy.com/display_article/319376/9/PRARC/none/DRLCM/1/Khurbet-East-field-development-begins-in-Syria/

copied from advfn


captainfatcat - 7 Feb'08 - 09:58 - 30576 of 30589


Just totting up the costs of the KE discovery so far

%50 Syria Block 26 circa $17M

Initial period minimum expenditure $15M

1st Extension period $10M

Eearly Production Facility $5m

Total $47M round up it up to $50M

Initial Results $1.32 per barrel of P2 which is broadly in line with the figures set out in the November 2005 acquisition for growth presentation.

EEN are turning a $50M investment into a (pick a figure add on lower reservoirs) say $500M asset

Not bad work in less than 3 years and still has some 30+ other targets on the books in block 26 still to explore with the drill bit!

And all the $500mil is profit

DFGO;
Thanks for your posts, most informative. I'm very surprised even in todays market, and cannot believe that we are still at roughly the same M/Cap prior to confirmation of reserves. On the annoucement of Block 26 EEN reached 360p and
now its proven up and oil at all time highs we're still only 218p, beggers belief imo.
cyril

niceonecyril

I,m sure the market will wake up to the fact that Emerald is under valued in due course,and in meantime EEN investers can buy at a very favourable price

Bought some more today, if the Colombia news is half as good as the Syrian then we should see the sp above 250p; really starting to look seriously undervalued now !

Update - Block 26, Syria




RNS Number:8593N
Emerald Energy PLC
13 February 2008


Emerald Energy Plc
13 February 2008

Khurbet East Field Update, Block 26, Syria

Emerald Energy Plc ("Emerald" or the "Company") would like to provide the
following update on activities in Block 26, Syria.


Khurbet East No.4 Well:
Drilling of the Khurbet East No.4 well in the Khurbet East field has commenced.
It is the first well to be drilled in the development phase of the field
following the recent approval of commercial development of the field.

Khurbet East No.4 is expected to have a total drilling depth of approximately
1,950 metres and take approximately 30 days to drill and evaluate. It is planned
as a production well close to the crest of the structure in the Cretaceous
Massive reservoir, located approximately 150 metres away from the Khurbet East
No.1 well. The Khurbet East No.1 well, drilled to a total depth of 3,800 metres,
may be used to further appraise the deeper Triassic Kurrachine Dolomite and
Butmah reservoirs and is therefore not currently included in the development
plan for the shallower Massive reservoir.


Development Area Approval:
Following the granting of approval for the commercial development for the
Khurbet East field, announced on 5th February 2008, the Syrian Ministry of
Petroleum and Mineral Resources has granted the application for a Development
Area of approximately 100 square kilometres covering the Khurbet East field. The
Development Area will be operated, under the terms of the Contract for the
Exploration and Development and Production for Block 26, by a joint operating
company to be set up with the Syrian Petroleum Company.


3D Seismic:
The 240 km2 3D seismic acquisition programme to the south of the Khurbet East
field, has been completed and is being processed with interpretation to follow.
This data was acquired over an area where several leads had been identified and
will be used to progress the exploration programme for Block 26.


Emeralds' Chief Executive Officer, Angus MacAskill, said:
"The spudding of this production well and the granting of the Development Area
within only 2 weeks of receiving approval for the commercial development of the
field marks continued progress towards first production from the field, targeted
to take place later this year. The Khurbet East No.4 well will build the initial
production capability of the field from the Massive reservoir, adding to that of
the Khurbet East No.2 and Khurbet East No.3 wells."


Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNG
Overseas Ltd.

Enquiries: Lisa Hibberd 020 7925 2440

Emerald parteners in Syria Gulfsands RNS

GPX give more information than Emerald

Development drilling commences at Khurbet East Field

Development Area for Khurbet East Field approved

Exploration 3D seismic programme completed

London, 13th February 2008: 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 that the Company has commenced
the drilling of its first development well within the Khurbet East
Field ("KHE-4") following the recent approval by the Syrian
Government for the development of the Khurbet East Field. The Company
is also now able to confirm that a 100 km2 area of Block 26 has now
been converted to the Development Area of Khurbet East Field
("Development Area").

Additionally, the Company has successfully completed the 240 km
"exploration" 3D seismic acquisition programme located to the south
of Khurbet East, and has commenced seismic processing and
interpretation of the data acquired in the recently completed Khurbet
East 3D seismic survey.

KHE-4 Well

The KHE-4 well is a development well within the Cretaceous Massive
Reservoir near the KHE-1 location. Following the two successful
appraisal wells (KHE-2 and KHE-3), the KHE-4 well is the first well
on the Khurbet East Field that is planned and designed as a
development well. The KHE-4 well is located within 150 metres of the
KHE-1 discovery well surface location, near the currently mapped
crest of the structure. The Company plans to use the KHE-1 well for
oil and gas production from the deeper Kurrachine Dolomite and Butmah
Formations, with the KHE-4 well concentrating on production from the
Cretaceous Massive Formation.

The total drilling depth of the KHE-4 well is expected to be
approximately 1,950 metres and will require approximately 30 days to
drill and evaluate, at a gross cost including rig mobilization and
demobilization costs of approximately $1.8 million, or $900,000 net
to Gulfsands.

Development Area Approval

Following the recent receipt of approval for the commercial
development of the Khurbet East Field (see announcement of 5 February
2008), the Syrian Ministry of Petroleum and Mineral Resources has
granted approval of the Company's application for establishment of
the Development Area. The 100 km2 Development Area will be operated
in partnership with the Syrian Petroleum Company ("SPC") through a
joint operating company.

3D Seismic

As announced on 7 January 2008 the Company has completed a 150 km2 3D
seismic acquisition programme over the Khurbet East Field. The
Company has now commenced seismic processing and interpretation of
this newly acquired 3D seismic, which will be used in assisting in
the selection of additional development well locations in the Khurbet
East Field during 2008 and 2009, as well as identifying any
"near-field' exploration locations adjacent to the Field.

The Company has also completed the acquisition of a 240 km
exploration 3D seismic programme located to the south of Khurbet
East. These data are expected to assist in maturing exploration
leads within the greater Khurbet East area into prospects suitable
for drilling. Seismic processing has commenced with interpretation to
begin upon delivery of the final data.

Gulfsands' CEO, John Dorrier, said:

"The commencement of the development drilling programme at Khurbet
East is a further significant milestone for the Company as we swiftly
move toward first oil production from the Field.

We also expect the 3D seismic survey south of Khurbet East to yield
high-quality exploration drilling prospects, and we anticipate that
one or more of these prospects should be drill-ready during 2008."


This release has been approved by Jason Oden, Gulfsands Exploration
Manager, who has a Bachelor of Science degree in Geophysics with 23
years of experience in petroleum exploration and management and is
registered as a Professional Geophysicist. Mr. Oden has consented to
the inclusion of the technical information in this release in the
form and context in which it appears

From Gulfsands RNS

The Company plans to use the KHE-1 well for oil and gas production from the deeper Kurrachine Dolomite and Butmah Formations, with the KHE-4 well concentrating on production from the Cretaceous Massive Formation.

from Gulfsands RNS

is pleased to announce that the Company has commenced the drilling
of its first development well within the Khurbet EastField ("KHE-4")
following the recent approval by the SyrianGovernment for the
development of the Khurbet East Field.
The Company is also now able to confirm that a 100 km2 area of
Block 26 has now been converted to the Development Area of
Khurbet East Field ("Development Area").

Additionally, the Company has successfully completed the 240 km
"exploration" 3D seismic acquisition programme located to the south
of Khurbet East, and has commenced seismic processing and
interpretation of the data acquired in the recently completed Khurbet
East 3D seismic survey.

Good morning DFGO, more great news from EEN and its jv partner GPX. So just
30 days to drill and evaluate,hopefully this will wake the market up to the potential
of EEN?
cyril

Anyone reading this post should check out the value of EEN,with 32.5mbo P2
reserves from the Syrian field added to the Colombian assets(not sure of the reserve figure) which produce 3500bopd and all for a M/Cap of 127m. Well
undervalued is my take on the company and the SP has not risen as yet,so a
great buying opportunity.
aimo
cyril

niceonecyril

good mornning to you cyril and very good news from EEN

Emerald Energy spuds Khurbet East No 4 well in Syria's Block 26
AFX


LONDON (Thomson Financial) - Emerald Energy PLC said it has started drilling the Khurbet East No 4 well in Block 26, Syria, which is expected to have a total drilling depth of about 1,950 metres and take about 30 days to drill and evaluate.

The company said the well will build the initial production capability of the East Khurbet field, adding to that of No 2 and No 3 wells.

Chief executive Angus MacAskill said the company, which holds a 50 pct stake in Block 26, is aiming for first production at the field later this year.

Gulfsands Petroleum begins drilling of development well in Khurbet East Field




LONDON (Thomson Financial) - Gulfsands Petroleum PLC said it has started
drilling of its first development well within the Khurbet East Field (KHE-4)
following the recent approval by the Syrian Government for the development of
the Khurbet East Field.
The company said it is also now able to confirm that a 100 square kilometer
area of Block 26 has now been converted to the development area of Khurbet East
Field.
It expects the 3D seismic survey south of Khurbet East to yield high-quality
exploration drilling prospects, and also expects one or more of these prospects
to be drill-ready in 2008.
Additionally, Gulfsands Petroleum said it has successfully completed the 240
square kilometer exploration 3D seismic acquisition programme located in the
south of Khurbet East, and has started seismic processing and interpretation of
the data acquired in the recently completed Khurbet East 3D seismic survey

A slightly disappointing update from Colombia due to reduced output, although
a clearer picture for the coming year.
http://www.investegate.co.uk/Article.aspx?id=200802140701359683N
cyril

RNS Number:9683N
Emerald Energy PLC
14 February 2008


Emerald Energy Plc


14 February 2008


Colombia: Operations Review and Update


Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide the
following update on its Colombian operations for the period ending 31 December
2007 and its plans for 2008:


Operations Review

Daily gross production for the second half of 2007 averaged 3,255 bopd, from
fields in Colombia, compared to 3,661 bopd achieved in the first half of 2007.
During the full year 2007, daily gross production averaged 3,456 bopd compared
to 3,673 bopd in 2006.

Production in the second half of 2007 was reduced due to the electrical
submersible pump ("ESP") in the Gigante No.1A well needing replacement on two
occasions. The well, normally averaging 950 bopd, did not contribute to
production for a period of 7 weeks while a workover rig was mobilised and
operations conducted. The ESP required replacement again in February 2008;
during this operation the new ESP was sourced from a different supplier and the
well has been returned to production.

Following the successful re-entry of the Totumal No.4 well in the Fortuna
Association Contract, the Totumal No.1 well was re-entered in November 2007, a
mechanical pump installed, and production commenced at an initial rate of
approximately 40 barrels of oil per day. This is the second well to be
re-activated in the Totumal field and the information gained from production
from these wells will assist in evaluating the future production potential of
both the Totumal and Aureliano fields.

In December 2007, Ecopetrol elected not to exercise its 20% back-in right in the
Silfide field in the Fortuna Association Contract and Emerald has the right to
exploit the field under sole-risk field status. The Company is currently in
discussions with potential partners for further operations on the field.

The Company acquired 71 kilometres of 2D seismic data in the Maranta block and
55 kilometres of 2D seismic data in the Jacaranda block. Interpretation of the
new seismic data supports the planned drilling activity in 2008

In the Ombu block, Emerald agreed with the National Hydrocarbon Agency of
Colombia ("ANH") to substitute the drilling of an exploration well for the
existing 2D seismic obligation and to extend the current period of the contract
by 6 months to provide sufficient time for this well to be drilled.

52 kilometres of 2D seismic data were acquired In the Helen block. A small,
sub-commercial, single prospect was identified from the interpretation of the
new seismic data, and Emerald has subsequently relinquished the acreage.


2008 Forward Plans

The Company plans a capital budget of up to $46 million in Colombia in 2008
which includes the drilling of three exploration wells.

The first of these will be drilled on the Capella prospect in the Ombu block
which Emerald estimates may contain over 30 million barrels of unrisked
recoverable resources. The well is planned to be drilled in first half of 2008,
followed by a period of testing of up to six months to evaluate various
production methods, including steam injection for thermal recovery.

Further exploration wells are expected in the second half of 2008 in the Maranta
and Jacaranda licences on prospects that the Company estimates may contain
unrisked recoverable resources in the range of 5 to 15 million barrels for
Maranta and over 10 million barrels for Jacaranda.

Two development wells are planned in the Campo Rico and Vigia fields. Ecopetrol
will participate at their 50% working interest level in the Campo Rico No.5
well. The Vigia No.5 well will be drilled by Emerald at its sole risk as
Ecopetrol elected in July 2007 not to exercise its 50% back-in right to the
Vigia field. The Campo Rico and Vigia wells are planned to commence drilling in
the second quarter of 2008.

Emerald has completed its technical and economic studies for the proposed
Gigante No.2 well to develop the existing reserves in the producing Tetuan
formation and test the exploration potential of the underlying Caballos
formation. The Company estimates that the proposed well may recover, in the
mid-case, approximately 4 million barrels of oil from the Tetuan formation. The
prospective resources of the Caballos formation are in the range of 10 to 20
million barrels. The Company is currently in discussions with potential partners
to share the cost of drilling Gigante No.2 well which is anticipated to spud in
late 2008 or early 2009.

The work programme for 2008, conditional on prior exploration drilling results
and governmental approvals, includes the acquisition of seismic data and the
drilling of two further exploration and/or appraisal wells.


General

The Company expects that under its own forecasts of world oil price levels and
production volumes from existing fields in Colombia, all of its planned
operations during 2008, including a share of up to 50% of the Gigante No.2
drilling costs, will be funded from existing financial resources and cash flow
from operations without recourse to the capital markets.


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

"Having secured new exploration assets for our Colombian portfolio during 2007
under the favourable ANH contracting terms, we have now acquired and interpreted
the data to move forward with a very active drilling programme in Colombia with
the potential to materially enhance the resource base of the Company."


Company web site may be found at www.emeraldenergy.com

Enquiries: Lisa Hibberd 020 7925 2440



Notes :


Ombu block

Emerald has a 100% working interest in this block, located in the Caguan Basin.
A previous exploration well was drilled on the Capella prospect in 1975,
encountering and recovering a total of 213 barrels of oil in the range 11 to 14
API from a number of horizons over a 110 feet section.


Maranta block

Emerald has a 100% working interest in this block, located in the Putumayo
basin. The block is adjacent to blocks in which Gran Tierra Inc. and Solana
Resources Limited announced two discoveries in 2007. A number of material
prospects and leads were identified on the existing seismic and new 2D seismic
data was acquired to mature these to a drill-ready status. The initial phase of
the exploration period under the Maranta contract expires in March 2008 when
Emerald has the right to enter the second phase of one year duration with a
minimum work programme including one well.


Jacaranda block

Emerald has 100% working interest in the block, located in the Llanos basin. A
single lead had been identified using the existing 2D seismic; the additional 2D
seismic has been positioned to confirm the presence and size of the prospect.
The initial phase of the exploration period expires in March 2008 when Emerald
has the right to enter the second phase of one year duration with a minimum work
programme including one well.


Helen block

Emerald's costs during the initial phase of the exploration period, which
expired in January 2008, were carried by Vetra Energy Group LLC ("Vetra").

Emerald Energy says Colombia FY output falls UPDATE




(Adds 2008 drilling plans)
LONDON (Thomson Financial) - Emerald Energy PLC reported reduced production
from its oil fields in Colombia following equipment repairs.
Gross output fell to 3,456 barrels per day in 2007 from 3,673 barrels in the
previous year, with volumes in the second half declining to 3,255 barrels per
day from 3,661 barrels in the first half.
"Production in the second half of 2007 was reduced due to the electrical
submersible pump (ESP) in the Gigante-1A well needing replacement on two
occasions," Emerald said in a trading statement.
The well, which normally pumps around 950 barrels a day, did not contribute
to production for seven weeks. The ESP required replacement again in February,
it said, adding the well has now resumed production.
The Totumal-1 well, meanwhile, started production at an initial rate of
around 40 barrels a day, it said.
Emerald said capital spending in Colombia this year will reach 46 mln usd,
part of which will finance the drilling of three exploration wells.
Planned spending for the year, including its 50 pct share of the Gigante-2
drilling costs, will come from the company's own financial resources and cash,
it said.
In the first half of 2008, the group plans to drill the Capella prospect in
the Ombu block which it believes contains over 30 mln barrels of recoverable
resources.
In the second half, it hopes to spud more wells in the Maranta and Jacaranda
fields which it thinks hold recoverable resources of 5-15 mln barrels and 10 mln
barrels, respectively.
Emerald added it is looking for potential partners for the Gigante-2
project. Drilling of the hole will begin either late-2008 or early 2009.
Gigante-2 is targeting two reservoirs -- Tetuan and Caballos. Emerald
believes it could recover 4 mln barrels from Tetuan, while noting that
prospective resources at Caballos are around 10-20 mln barrels.
At 8.09 am, Emerald Energy shares were off 1.4 pct at 209-1/2 pence