Emerald Energy Regulatory News (EEN)

28 Mar 2007 07:01

Emerald Energy PLC28 March 2007 Emerald Energy Plc 28 March 2007 Drilling Update: Khurbet East No.1, Block 26, Syria Emerald Energy Plc ("Emerald" or the "Company") would like to provide thefollowing update on activities in Block 26, Syria. The Khurbet East No.1 exploration well is drilling ahead at a depth 2,450metres. The Khurbet East prospect is a fault-bound structural culmination, withclosure mapped at several potential reservoir levels including Cretaceous,Triassic and Palaeozoic ages. Hydrocarbon shows were encountered while drilling the Tertiary Chilou andCretaceous Massive formations. A core was cut in the Chilou formation andwireline logs were run over both sections. The wireline logs indicated a grosshydrocarbon interval of 31 metres and a net hydrocarbon interval ofapproximately 22.5 metres in the Massive formation with some additionalpotential in the Chilou formation that requires further evaluation. The presenceof hydrocarbon in the Massive formation was confirmed by a wireline formationpressure sampler which recorded a hydrocarbon gradient over the interval andretrieved a sample of 21 degree API gravity oil to surface. The wirelineformation pressure sampler was not run in the Chilou formation as the toolsavailable were not suitable for large diameter well bores. Drilling is now planned to continue to the total drilling depth of approximately3,700 metres to evaluate the other prospective intervals. Emeralds' Chief Executive Officer, Angus MacAskill, said: "We are very pleased to have encountered hydrocarbon in the shallow prospectivesection of the Khurbet East No.1 exploration well and look forward to a fullevaluation of the well after drilling to the Triassic and Palaeozoic prospectivesections." 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