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22 Sep 2009 07:00
Emerald Energy Plc
22 September 2009
Operations Update - Syria, Block 26
Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide the following update on operations in Block 26, Syria.
Khurbet East Field Oil Production
Cumulative gross oil production from the Khurbet East field has recently reached 4.5 million barrels, with minimal water production and little pressure depletion observed to date. Current daily gross oil production is approximately 16,400 barrels per day.
Khurbet East No.7 Flow Testing
The Khurbet East No.7 well, drilled in January 2009, was re-entered in September 2009 to evaluate the flow potential of two intervals which, based on wire-line logging information, were interpreted to be of poor reservoir quality but may potentially contain oil. These intervals had not previously been flow tested.
Using a work-over rig, the intervals 1,979 metres to 2,004 metres (1,565 metres to 1,590 metres true vertical depth subsea ("TVDSS")) and 2,011 metres to 2,036 metres (1,597 metres to 1,621 metres TVDSS) were flow tested, with each of the intervals producing formation water only.
The well has been completed for future water disposal, a function that was envisaged for this well at the time it was drilled.
Khurbet East No.2 Cementing
A cementing operation was successfully conducted on the Khurbet East No.2 well to isolate the small amounts of water production that had been experienced in this well. Following this operation, the well has recommenced production at a substantially higher oil rate of approximately 1,700 barrels per day and with minimal water production.
Yousefieh No.3 Appraisal Well
Drilling operations have commenced on the Yousefieh No.3 appraisal well, located approximately 500 metres to the south-east of the Yousefieh No.1 discovery well. The Yousefieh No.3 well is planned to take approximately 45 days to drill and evaluate.
Emerald's Chief Executive Officer, Angus MacAskill, said:
"We are very pleased with the progress in the Khurbet East field, with the continued excellent production performance, further advances in field delineation, and the successful development and implementation of well intervention capabilities. We also look forward to the results of the Yousefieh No.3 appraisal well."
Enquiries: Lisa Hibberd 020 7925 2440
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code"), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of the Company, all 'dealings' in any 'relevant securities' of the Company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which any offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of the Company, they will be deemed to be a single person for the purpose of Rule 8.3.
Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of the Company by any offeror or the offeree company, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's (the "Panel") website at www.thetakeoverpanel.org.uk.
'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8 you should consult the Panel.
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