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

Colombia : Ombu E&P Contract (Emerald 100% working interest)

High materiality prospect
Mirador reservoir target 4,000ft
Shallow, low cost well
Unrisked P50 resource 30 mmbo

Proven hydrocarbon system
Payara-1 well, drilled 1976
11 14 API oil recovered from flow tests of multiple horizons
well suspended as area lacked infrastructure

Forward plan
Drill exploration well (Q1 2008)
If commercial discovery, seismic and multi-well programme in 2008

Colombia : Ombu E&P Contract (Emerald 100% working interest)

High materiality prospect
Mirador reservoir target 4,000ft
Shallow, low cost well
Unrisked P50 resource 30 mmbo

Proven hydrocarbon system
Payara-1 well, drilled 1976
11 14 API oil recovered from flow tests of multiple horizons
well suspended as area lacked infrastructure

Forward plan
Drill exploration well (Q1 2008)
If commercial discovery, seismic and multi-well programme in 2008


Colombia : Maranta E&P Contract (Emerald 100% working interest)

Several prospects & leads
Unrisked resource 5 15 mmbo per structure
Potential multiple reservoir targets

Putumayo basin
Producing area with infrastructure

Proven hydrocarbon system
On trend with existing fields
Close to recent discoveries made by Gran Tierra

Forward plan
Acquire 2D seismic
Drill exploration well in H2 2008

Colombia : Jacaranda E&P Contract (Emerald 100% working interest)

Material lead
Unrisked P50 resource 10 mmbo
Large channel feature (new play) identified from seismic bright spot
Shallow 6,000 ft low cost wells
Southwest Llanos basin
Nearby infrastructure

Forward plan
2D seismic acquired
Reprocessing and interpretation
Exploration well decision March 2008

oilbarrel

Gulfsands Petroleum Spuds Third Well On Khurbet East As It Targets First Production By Q4 2008
2008 could open with a bang for followers of Gulfsands Petroleum. It has spudded a third appraisal well on its Khurbet East discovery and success here could put the company on track for its first production in the Middle East by this time next year. Khurbet East-3 will target the Cretaceous Massive reservoirs encountered in the KHE-1 discovery well and the KHE-2 appraisal well drilled earlier this year. The US$2.4 million well will drill to a depth of 2,050 metres and should take 45 days to drill and complete, meaning results should be due early in the New Year.

This is turning into a very nice project for Gulfsands and its 50/50 partner Emerald Energy. Their Syrian campaign may have got off to a rocky start with a couple of duff wells - Souedieh North-1 and Tigris-1 - but Khurbet East means those disappointments are now well on their way to being forgotten.

The discovery lies in the 8,250 sq km Block 26 in northeast Syria, which is home to existing fields that produce over 100,000 barrels per day for other operators, mainly from the Cretaceous formation. Khurbet East, however, is a multi-zone discovery, with the initial discovery well flowing 35-degree API oil from the Triassic-aged Kurrachine Dolomites, natural gas from the Triassic-aged Butmah reservoir and 24-degree API oil from the shallower Cretaceous-aged Massive Formation. A follow-up well, KHE-2, confirmed the presence of a high quality reservoir in the Massive capable of high production rates and it is this formation that will be developed on a fast-track basis.

The AIM company is pursuing the Massive formation before getting to grips with the deeper zones because this will be the easiest, cheapest and fastest way to commercialise the discovery. The Massive formation is well understood in the area and this crude quality can be easily transported in the existing nearby infrastructure (Khurbet East has the advantage of lying within 12 km of the Souedieh and Rumeilan oilfields and has an oil export pipeline running directly through it). The Massive is also relatively shallow so drilling costs can be kept down and the relatively low gas-to-oil ratio means there is no need for gas handling or transportation. Whats more, the construction of production facilities for the Massive should reduce costs when Gulfsands comes to exploit Khurbet Easts deeper reservoirs.

These include Butmah, which yielded live oil and gas shows during the drilling of KHE-1 and appears to have good porosity and permeability in the main pay zone. The Kurrachine Dolomite reservoir at 3,000 metres also encountered significant live oil and gas shows during drilling but the poor hole conditions common to this formation mean it has been difficult to estimate the gross and net pay. The formation did, however, flow up to 478 barrels per day of 35-degree API oil during an open-hole drill-stem test. The company plans to drill an appraisal well next year to test these deeper reservoirs.

Perhaps most exciting, however, is the remaining potential within Block 26. Gulfsands is acquiring 160 sq km over Khurbet East to help define optimize the field development as well as define leads identified on 2D data that lie immediately adjacent to the field. The company is also acquiring a further 240 sq km of data to the south of the field to help develop an inventory of drill-ready targets within what it calls the Khurbet East play fairway. It plans to drill some of these prospects next year in what promises to be an exciting 12 months for Gulfsands and its followers, vindicating the companys decision to invest cash flows generated from steady production in the US in exploring the desert sands of the Middle East.

By my calculations the 45 day drilling(approx) is up Friday,surprised this has not
moved considering it's an appraisal well?
cyril

Some movement today, expecting a result next week how much upside their is, will depend upon the type of news? The hoped for news of oil play could bring 0p+,but what will give it a real boost is confirmation of reserves, so waiting patiently for KH3 to give up its secrets.
With the price of oil at an all time high EEN's Colombian production (3661bopd) will be adding some serious bucks to the coffers.
cyril

This is what we've been waitng for.
http://www.investegate.co.uk/Article.aspx?id=200801070700511561L
cyril

Emerald Energy PLC
07 January 2008

Emerald Energy Plc



7 January 2008



Khurbet East No.3 Well Results, Block 26, Syria



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



The Khurbet East No.3 appraisal well has reached a total depth of 2,050 metres,
encountered the Cretaceous Massive reservoir as expected, and been flow tested
at an average rate of 3,420 barrels of oil per day.



The well was the second appraisal well drilled in the Khurbet East field,
following the Khurbet East No.1 discovery, located approximately 0.9 kilometres
to the northwest, and the successful Khurbet East No.2 appraisal, located
approximately 1.2 kilometres to the north of Khurbet East No.3. The main
objectives of the No. 3 well were to obtain reservoir and structural information
in the Cretaceous Massive formation and conduct a production test of the main
reservoir section.



The Cretaceous Massive formation was encountered at a similar depth to the
Khurbet East No.1 and Khurbet East No.2 wells, and wireline logs indicate a
reservoir interval and reservoir properties similar to these wells. A definitive
oil-water contact has still not been defined within the main reservoir interval.




Well testing operations were conducted over the full section of the main Massive
reservoir. During a 24 hour flow period, oil flowed to surface under natural
flow at an average stabilised rate of 3,420 barrels per day through a 48/64 inch
choke. The oil was of approximately 26 degrees API gravity with a gas-to-oil
ratio of approximately 60 standard cubic feet per barrel.



The results of the Khurbet East No.3 well will be included in the technical and
commercial evaluation report and independent reserves evaluation being prepared
by RPS Group plc, both of which are expected to be finalised in January 2008.



The technical and commercial evaluation report for the Khurbet East field is
expected to be submitted to the Syrian Government and the Syrian Petroleum
Company ('SPC') in mid January 2008. Subject to their approval, the joint
venture intends to proceed as soon as practicable with the development of the
Khurbet East field, with initial production targeted for the fourth quarter of
2008.



The 3D seismic acquisition programme across the Khurbet East field has been
completed. Following processing and interpretation, this data will be used to
assist in the selection of further development well locations and to progress
near-field exploration potential. The exploration 3D seismic acquisition
programme to the south of the Khurbet East field is approximately 60% complete
and is expected to be completed by the end of January 2008 with processing and
interpretation to follow.





Emeralds' Chief Executive Officer, Angus MacAskill, said:



'We are delighted that Khurbet East No.3 well continues to demonstrate the high
production potential of wells in the Khurbet East field. We look forward to
early development of this field with initial production in 2008, and also to
progressing the exploration programme for the remainder of the block with the
results of the 3D seismic acquisition programme'





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





Enquiries: Lisa Hibberd 020 7925 2440

niceonecyril

very nice indeed

3420bopd flowing naturally and still no water contact,now "thats" what i call a result.
cyril

From Gulfsands Petroleum RNS the operater in Block 26 Syria.

Emerald holds a 50% interest in Block 26


KHE-3 appraisal well testing averages 3,420 bopd

Report on commercial development of Khurbet East expected mid January

Khurbet East Reserves and Resources Report due before end January

3D seismic programme completed over Khurbet East Field


London, 7th January, 2008: Gulfsands Petroleum plc ("Gulfsands", the
"Group" or the "Company" - AIM: GPX), the oil and gas production,
exploration and development company with activities in the U.S.A.,
Syria and Iraq is pleased to announce that the Company has
successfully completed the drilling, logging and testing of the
Khurbet East-3 (KHE-3) well, the second appraisal well on the Khurbet
East discovery within Block 26, Syria. The well flowed 26 degree API
oil on drill-stem test at an average, stabilised production rate of
3,420 barrels per day (bopd).


KHE-3 Well

Gulfsands, the operator and 50% working interest owner in Block 26
has now completed operations on the KHE-3 well. The objectives of
this second appraisal well were to acquire reservoir and structural
information on the primary objective Massive Formation southeast of
the KHE-1 discovery well, and to undertake a production test of the
entire main reservoir section.

The top of the Massive Formation reservoir was encountered within 3
metres of the pre-drill prognosis and at a similar depth to the KHE-1
discovery well and the KHE-2 appraisal well. Third party
interpretation of the wireline logs obtained from the KHE-3 well
indicates a similar reservoir interval in the Massive Formation as
seen in the KHE-1 and KHE-2 wells with reservoir properties similar
to or slightly better than those encountered in the KHE-1 and KHE-2
wells. A definitive oil-water contact has still not been identified
within the main reservoir interval.

After completion of logging operations, the Company carried out a
drill-stem test over the entire Upper Massive reservoir interval. The
oil production rate continued to improve during the course of the
test reaching a maximum daily production rate of 3,560 bopd near the
end of the main flow test period. The average, stabilised production
rate was 3,420 bopd with 206,000 cubic feet of natural gas per day
through a inch choke. Preliminary analysis indicates that the oil
gravity is 26 degree API, which is consistent with the oil
encountered in KHE-1 and KHE-2.

The information obtained from the KHE-3 well has been provided to
independent engineering consultants, RPS Group plc, for assessment
and inclusion in a report on commercial development of the Khurbet
East Field. The Company expects to submit this report to the Syrian
Petroleum Company and the Syrian Government for approval in mid
January 2008. RPS Group plc has also been requested to provide a
report on the reserves and resource estimate for the Khurbet East
Field and this is anticipated to be delivered during the second half
of January 2008.


3D Seismic

The Company has also completed the 3D seismic acquisition programme
over the Khurbet East Field. The Company is now proceeding with
seismic processing and the interpretation of these data will be used
to assist in the selection of additional development well locations
in the Khurbet East Field during 2008 and 2009 as well as any
"near-field' exploration locations immediately adjacent to the Field.

The Company has also completed approximately 60% of the acquisition
of a 240 square kilometre "exploration" 3D seismic programme located
to the south of Khurbet East. These data are expected to assist in
maturing exploration leads within the Khurbet East "play fairway"
into "drill ready" prospects. This seismic programme is expected to
be completed by the end of January 2008 with seismic processing and
interpretation to follow.

Forward Programme

Following receipt of Syrian Government's and the Syrian Petroleum
Company's ("SPC") approval of the submitted report on the prospects
for commercial development of the Khurbet East Field and the
Company's plans for the installation of an early production system,
Gulfsands and its joint venture partner intend to proceed as soon as
practicable with development of Khurbet East Field. Subject to the
early receipt of the Syrian Government's and SPC's approval to the
Company's development plans and completion of logistical and
commercial arrangements, the partners will be targeting to achieve
first oil production in the fourth quarter of 2008.


The joint venture also intends to drill at least one exploration well
during 2008 following the completion of interpretation of the 3D
seismic data currently being acquired and processed.


Gulfsands' CEO, John Dorrier, said:

"The excellent production test from the Massive Formation at KHE-3
demonstrates the high oil flow rates attainable from wells in the
Khurbet East Field. The Company is now focused on working with its
partners to achieve first oil production as early as practicable in
2008. The Khurbet East 3D seismic surveys also cover a series of
additional promising subsurface features, several of which the
Company expects to drill during the current exploration period of the
Contract."

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.

Threw in my last few pennies and topped up, come end of january once reserves are confirmed i see this hitting 3+.
cyril