Emerald Energy Regulatory News (EEN)

15 Jun 2007 07:01

Emerald Energy PLC15 June 2007 Embargoed for 7.00am 15 June 2007 Emerald Energy Plc Drilling Update: Khurbet East No.2, Block 26, Syria Emerald Energy Plc ("Emerald" or the "Company") would like to provide thefollowing update on operations in Block 26, Syria. Khurbet East No.2 appraisal well was spud on 14th June by the Crosco 602 rig.Khurbet East No.2 is located approximately 1.2 kilometres to the northeast ofthe Khurbet East No.1 discovery well and is planned to appraise the TertiaryChilou and Cretaceous Massive formations encountered in the Khurbet East No.1well. The total drilling depth of the Khurbet East No.2 well is expected to beapproximately 2,100 metres and take approximately 45 days to drill and evaluate.Results from the Khurbet East No.2 well are expected in August. In the Khurbet East No.1 well, the Tertiary aged Chilou formation encountered apotential net hydrocarbon interval of approximately 26 metres, based on wirelinelogs. A wireline formation pressure sampler could not be run to confirm thepresence of hydrocarbon in the Chilou formation as the sampler tools availablewere not suitable for large diameter well bores. The Cretaceous aged Massive formation in the Khurbet East No.1 well encountereda net hydrocarbon interval of approximately 22 metres. A wireline formationsampler which recovered oil samples to surface confirmed the presence ofhydrocarbon in the Massive formation. The oil, based on laboratory analysis, isapproximately 24 degree API gravity. Emeralds' Chief Executive Officer, Angus MacAskill, said: "We are pleased to be progressing rapidly with the appraisal of the hydrocarbonaccumulations encountered in the shallow horizons in the Khurbet East No. 1discovery well and look forward to the results from the Khurbet East No.2appraisal well." Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNGOverseas Ltd. Enquiries: Helen Manning 020 7925 2440 This information is provided by RNS The company news service from the London Stock Exchange