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

Sorry about double post, the screen came up as web not accepting?
cyril

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.

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

who got the other 50.

GPX is the other partner, of course EEN have producing wells in Colombia at over
3500bopd(great for revenue) and are expected more news from that quarter.
cyril

Gulfsands, Emerald Energy say Khurbet East No 3 well tests at average 3,420 bopd


LONDON (Thomson Financial) - Gulfsands Petroleum PLC said the second
appraisal well on the Khurbet East field in Syria has tested at an average 3,420
barrels of oil per day (bopd), and first oil is targeted in the fourth quarter
of 2008.
In a separate release Emerald Energy PLC, which shares an interest in the
the block, said these tests on the Khurbet East No 3 well continue to
demonstrate "the high production potential" of wells in that field.
Gulfsands and Emerald each own 50 pct interest in Block 26, which houses the
discovery, and Gulfsands is operator.

TFN.newsdesk@thomson.com
jro/ajb

niceonecyril

Khurbet East No.3 is located approximately 0.9 kilometres southwest of the
Khurbet East No.1 discovery well and 1.2 kilometres south of the Khurbet East
No.2 well



Emerald Energy Plc

20 November 2007


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

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

The drilling of the Khurbet East No.3 well has commenced using the MB-3 rig.
Khurbet East No.3 is located approximately 0.9 kilometres southwest of the
Khurbet East No.1 discovery well and 1.2 kilometres south of the Khurbet East
No.2 appraisal well and will further appraise the Cretaceous aged Massive
reservoir encountered in these wells.

Have corrected my original posts, working from memory?
cyril

It'll be interesting to see how the SP acts today,with a little more time to analyse
yesterdays excellent news we may see some buying,or will they wait for
reserve update? It should be known that their are plans to drill 4 more wells into the field this year, and also this there are 2 lower levels to explore and lighter sweeter oil is expected?
So come the end of 2008 we could be producing 10,000bopd(via trucking)on top
of the Colombian output,which is expected to release news in the v/near future?
cyril
ps
I've added the EEN's web site to the lead post for convenience.

10000 barrels per day ?, just een, hope so, but very optimistic niceonecyril.

No, the the field total of which 5000bopd would be attributed to EEN?If we could get an average of say 2000bopd per well, 10,000 is realistic.
Also this Block26 is hugh and we have i believe 30 identified targets of which one more exploration well is required this year.
cyril

On reading around what i find interesting, is that some of the better and more knowledgable investors bought into EEN on yesterdays news. These are some of the most experianced oilers around and imo gives a big thumbs up to the latest set of results.
cyril

niceonecyril

Emerald own 50% Off block 26.
Gulfsands own %50 Off block 26

Participating Interests
Emerald Energy 50%
Gulfsands Petroleum 50% (operator)

http://www.emeraldenergy.com/documents/20071024UpdateOctober2007Final.pdf

If you're correct Niceonecyril about the 10000 barrels per day (though I have serious doubts) at the end of the year then this company should add at least a pound in value, perhaps more.

Again working from memory i was on the understanding that the Syrian Petrolium
Company owned 50%? Have tried EEN web site only to find it busy,so i refer you back to,
http://www.investegate.co.uk/Article.aspx?id=200511141540131013U

Information on Block 26
4th paragraph. If my interepation is wrong or things have changed,
all the better. Could you give me your thoughts on the above.
cyril
PS I think i have it now, its 50% of the overseeing contractor for the purpose of the 12,5% royalty.I knew their was a reference to 50% somewhere, i've a long time
out of EEN but had it on my watchlist, bought in prior to christmas at 188p.
I will address my previous posts, and thanks for putting me right.

http://www.oilbarrel.com
You need to click on the Gulfsands Pet (its partner) article.
cyril

niceonecyril

EEN pay thier own 12.5% royalty tax on their share of oil.
Syria: Block 26 Economics
slide 6
Participating Interests
Emerald Energy 50%
Gulfsands Petroleum 50% (operator)
Royalty 12.5% of gross oil production
Cost Oil 50% gross production less royalty
Profit Oil Contractor 35%/SPC 65% up to 25,000 bopd, sliding scale at higher production rates
Bonuses
$2m payable on reaching 25kbopd
$5m payable on reaching 50kbopd
Taxes
SPC pays Contractor income taxes from SPC share of profit oil
Net Profit Interest
2.5% NPI and production bonus of up to $0.5m payable to 3rd party

http://www.emeraldenergy.com/documents/20071024UpdateOctober2007Final.pdf

The above from Emerald Energy 24 Oct 2007 Investor Presentation Update October 2007 - PDF(947

look in Investor Publications

Thanks DFGO i think i've got it. I've been on the GPX site and read their presentations,very impressive. I believe i mixed up Syria with Colombia,this old age doesn't come alone.
cyril

Bizarre, this stock has had the best drilling results since Christmas and yet today it's down, there should be some news from Colombia soon.

I think that over the last 7 days EEN have held their own(or nearly)and in todays
market thats no mean feat.So i feel a little patience is needed as i feel this share is close to fulfilling it promise.
cyril