Emerald Energy Regulatory News (EEN)

6 Mar 2008 07:00

Emerald Energy PLC06 March 2008 Emerald Energy Plc 6 March 2008 Khurbet East Field Update, Block 26, Syria Emerald Energy Plc ("Emerald" or the "Company") would like to provide thefollowing update on activities in the Khurbet East field in Block 26, Syria. The Khurbet East No.4 well, the first well to be drilled in the developmentphase of the field, has been successfully drilled, completed, and suspended asan oil producer. The well, located 150 metres away from the Khurbet East No.1well, was drilled to a total depth of approximately 1,935 metres and encounteredthe top of the Cretaceous Massive reservoir within 3 metres of the expecteddepth. Khurbet East No.4 is a vertical well and, as planned, was not flow tested assufficient information had been obtained in this portion of the field from theprevious flow tests in the Khurbet East No. 2 and No.3 appraisal wells. KhurbetEast No.4 will be a producer in the first development phase of the fieldinvolving the installation of an early production facility, scheduled tocommence operation by the fourth quarter of 2008. The next well in the development phase, Khurbet East No.5 is designed to be thefirst horizontal well in the field and is expected to commence drilling in themiddle of March 2008. Emeralds' Chief Executive Officer, Angus MacAskill, said: "Completion of this first well in the development phase of the Khurbet Eastfield marks continued progress towards first production, targeted to take placelater this year, and builds on the contribution from the Khurbet East No.2 andKhurbet East No.3 wells to the initial production capability of the field." Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNGOverseas Ltd. Enquiries: Lisa Hibberd 020 7925 2440 This information is provided by RNS The company news service from the London Stock Exchange