Emerald Energy Regulatory News (EEN)

29 Jan 2007 07:47

Emerald Energy PLC29 January 2007 Emerald Energy Plc 29 January 2007 Aureliano No.1 Well Update Emerald Energy Plc ("Emerald" or the "Company") would like to provide thefollowing update on the status of the Aureliano No.1 exploration well in theFortuna Association Contract area in the Middle Magdalena Valley in Colombia.Emerald has a 90 percent interest in this contract. The well has been drilled to a total measured depth of 8,745 feet with a maximumdeviation through the target formations of 45 degrees. The target La Lunalimestone formations were encountered as forecast, hydrocarbon shows wererecorded while drilling the La Luna sections and analysis of the electricwireline logs indicates the presence of potential hydrocarbon-bearing zones. The well has been prepared for production testing to determine the productivityof the reservoirs encountered. The programme includes the use of natural flow,artificial lifting, and stimulation to establish well flow rates. The programmehas commenced and is anticipated to take up to 2 months to complete. A detailed study of all the data acquired during the drilling and testing of thewell will be undertaken to determine both the production potential of the welland the potential for further development drilling of the Aurelianoaccumulation. With the drilling phase completed, the drilling rig, Saxon 223, is beingde-mobilised from the location. This rig will now go on loan to another operatorto drill one well prior to returning to Emerald in April to continue withEmerald's 2007 drilling programme. Emeralds' Chief Executive Officer, Angus MacAskill, said: "We are very encouraged that the results of the well, to date, are consistentwith the pre-drill prognosis and we look forward to the outcome of this nextcritical phase of production testing. If successful, there is potential forfurther development in this area." Enquiries: Helen Manning 020 7925 2440 This information is provided by RNS The company news service from the London Stock Exchange