Emerald Energy Regulatory News (EEN)

27 Feb 2007 07:02

Emerald Energy PLC27 February 2007 Emerald Energy Plc 27 February 2007 Centauro Sur Reserves Emerald Energy Plc ("Emerald" or the "Company") would like to provide thefollowing update on the Centauro Sur field in the Campo Rico AssociationContract area in the Llanos basin in Colombia. RPS Energy has completed an independent reserves evaluation of the Centauro Surfield using standard petroleum engineering techniques combining geological andproduction data with reservoir fluid characteristics and pressure information.Their reserve and resource estimates are based on the joint reserve definitionsof the Society of Petroleum Engineers, the World Petroleum Congress and theAmerican Association of Petroleum Geologists, which are widely used in thepetroleum industry. The Proved plus Probable ultimate oil recovery of the field has been estimatedat 694 thousand barrels. The Proved plus Probable plus Possible ultimate oilrecovery of the field has been estimated at 964 thousand barrels. The Centauro Sur field was discovered in April 2006 with the Centauro Sur No.1well, which was put on production by the end of April 2006. A second well,Centauro Sur No.2, was drilled and commenced production in July 2006. The twowells currently have a combined oil production rate of about 700 bopd. A flow line has been installed between the Centauro Sur field and the Campo Ricofield production facilities so that the fluids may be gathered and processedcost-effectively using the existing facilities. Emeralds' Chief Executive Officer, Angus MacAskill, said: "We are very pleased to have been able to use our experience in the Campo Ricoblock to discover additional reserves and develop them effectively using theexisting production facilities. The Centauro Sur field is our third fielddiscovery in this block and we are continuing to identify additionalopportunities within the block." Enquiries: Helen Manning 020 7925 2440 This information is provided by RNS The company news service from the London Stock Exchange