EEN Emerald Energy

 

TIDMEEN 
 
RNS Number : 1080A 
Emerald Energy PLC 
02 October 2009 
 

Emerald Energy Plc 
 
 
2 October 2009 
 
 
Operations Update - Syria, Block 26 
 
 
Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide the 
following update on well operations in Colombia. 
 
 
Colombia, Matambo Block - Gigante No.2 Caballos Fracturing 
 
 
Hydraulic fracture stimulation operations on the Caballos formation in the 
Gigante No.2 well have been conducted. The formation was treated with chemicals 
and an acid soak, and subsequently the initial stages of the fracturing 
operation were conducted. These initial stages provided information to be used 
for the final design of the remaining fracturing operation. 
 
 
Prior to commencing the remaining fracturing operation, the well was flow tested 
over a 53 hour period, under natural flow and through a 32/64 inch choke, at an 
average oil rate of approximately 538 barrels per day with a water cut of 3.5%. 
This oil rate is approximately 2.9 times the oil rate of 185 barrels per day 
recorded during the equivalent natural flow test conducted prior to recent 
operations and reported on 27 July 2009. 
 
 
Based on the results to date, the Company has decided not to conduct the 
remaining fracturing operation at this time. The Company now plans to conduct an 
extended flow and formation pressure build-up test of the Caballos formation 
which is expected to take up to one month. If, following this planned testing, 
the Company believes that further hydraulic fracture stimulation operations are 
warranted, the design of such future operations will be optimised using the 
information acquired during the current operations. 
 
 
Following the completion of the planned operations in the Caballos formation, 
the Company and its partner, Ecopetrol, plan to commence evaluation and flow 
testing operations in the overlying Tetuan formation, which may include the 
application of hydraulic fracturing, or may complete the well as a producer from 
the Caballos formation. 
 
Colombia, Ombu Block - Capella No.SH1X Slim-hole Well 
 
 
The Capella No.SH1X slim-hole well has been drilled to a depth of 1,350 feet. At 
this depth, the drilling assembly became stuck and operations to retrieve the 
equipment continue. The Company is working with the drilling contractor to 
resolve the current status and optimise the future drilling process to allow 
successful slim-hole well drilling. The drilling contractor is working under a 
turnkey contract with provisions for a fixed cost per well. 
 
 
 
 
Emerald's Chief Executive Officer, Angus MacAskill, said: 
"We are pleased with the progress in operations to enhance the Caballos 
formation in the Gigante No.2 well in Colombia. Although the operational 
difficulties encountered in Colombia to date with slim-hole drilling in the 
Capella field are somewhat disappointing, we plan to continue efforts to apply 
this technology with its potential for low cost appraisal in certain areas of 
the Capella field." 
 
 
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. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 DRLQFLFBKBBEFBV 
 

Emerald Energy (LSE:EEN)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Emerald Energy (LSE:EEN)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024