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29 Jan 2009 09:19
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Emerald Energy Plc
29 January 2009
Colombia - Award of DurilloΒ Exploration and Production Contract
Emerald Energy Plc ("Emerald" or the "Company") is pleased to announce that it has been awarded a new exploration & production contract (the "Contract") in Colombia. TheΒ DurilloΒ Contract, in which Emerald has a 100% working interest, covers an area ofΒ 110Β squareΒ kilometresΒ and is located in the CaguanΒ PutumayoΒ Basin, to the south-west of the Llanos Basin, in Colombia.Β
The Durillo Contract area is adjacent to the south-west edge of the Ombu Contract area, in which the Company is appraising the Capella discovery. The Company considers that the Durillo Contract area may have potential in the same exploration play.Β
The initial phase of the exploration period is 12Β months and the minimum work programme comprises the acquisition ofΒ 22Β kilometresΒ of new 2D seismic data. If Emerald elects to enter the second phase, the minimum work programme includes the drilling of 1 well to an estimated depth ofΒ 4,000 feet.
TheΒ DurilloΒ Contract has been awarded by the ANH, the National Hydrocarbon Agency of Colombia, and a copy of the model contract terms can be found on the ANH website (www.anh.gov.co).Β
Enquiries: Lisa Hibberd 020 7925 2440
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