Emerald Energy Regulatory News (EEN)

31 Jan 2007 07:30

Emerald Energy PLC31 January 2007 Emerald Energy Plc 31 January 2007 Operations Update - Syria Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide an updateon activities within Block 26, Syria, following the release of information bythe operator. The Tigris No.1 exploration well is currently drilling ahead at a depth of 4,391metres to a planned total depth as previously announced of approximately 4,500metres. Tigris No.1 is the second of four commitment wells to be drilled duringthe initial exploration phase of the contract for Block 26 that ends in August2007. The operator of Block 26 has executed a single well contract with Crosco, adrilling company based in Croatia, for the Crosco 602 rig to drill Khurbet EastNo.1 ("KHE 1") the third commitment well under the Block 26 contract. The rig iscurrently mobilising to the well site and drilling of KHE 1 is scheduled tocommence by mid-February 2007. The Khurbet East prospect is a fault-bound structural culmination, with closuremapped at multiple potential reservoir levels. These include reservoirs ofCretaceous, Triassic and Palaeozoic age. The KHE 1 well is located approximately12 km southwest of the Souedieh Oil Field and 12 km south of the Rumailan OilField, in the north eastern part of Block 26. The total drilling depth of theKHE 1 exploration well is expected to be 3,700 meters and will requireapproximately 100 days to drill and evaluate. The Company is planning to drill its fourth commitment well on Block 26 when theMB3 rig, currently drilling the Tigris-1 well, is returned by the rig sharepartner, around July 2007 Emeralds' Chief Executive Officer, Angus MacAskill, said: "We are very pleased to have secured the Crosco rig to drill our thirdexploration well in Block 26 enabling the partnership to continue theexploration programme we are committed to." 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