Gulfsands Petroleum Regulatory News (GPX)

16 Jul 2007 07:14

Emerald Energy PLC16 July 2007 Emerald Energy Plc 16 July 2007 Syria Block 26 Contract Extension Emerald Energy Plc ("Emerald" or the "Company") would like to provide thefollowing update on Block 26, Syria. Gulfsands Petroleum Syria ("Gulfsands"), the Operator of Block 26 has notifiedSyrian Petroleum Company that Gulfsands and Emerald have elected to enter thefirst extension of the exploration period of the Block 26 Production SharingContract which shall commence following the expiry of the initial explorationperiod on 23rd August 2007. The first extension has a duration of three years and a minimum work obligationof 250 sq. km of 3D seismic and two exploration wells. The terms of the firstextension include the relinquishment of an area equivalent to 25% of the area ofBlock 26, for which the partnership has selected an area considered to be oflimited exploration potential. Emeralds' Chief Executive Officer, Angus MacAskill, said: "We are very pleased to be entering this next phase in Block 26 and look forwardto progressing both the Khurbet East discovery and the remaining explorationpotential within the block." 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