EEN Emerald Energy

 

TIDMEEN 
 
RNS Number : 3782Y 
Emerald Energy PLC 
02 September 2009 
 

Emerald Energy Plc 
 
 
2 September 2009 
 
 
Colombia - Mirto No.1 Well Operations Update 
 
 
Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide the 
following update on operations in the Maranta block in Colombia. 
 
 
The Mirto No.1 well was drilled to a total depth of 11,578 feet and, based on 
oil and gas shows while drilling and wire-line log evaluation, encountered four 
potentially hydrocarbon bearing intervals. Flow tests have been conducted on 
three of these intervals, with one interval flowing at a material oil rate. The 
fourth interval is currently being tested. 
 
 
The Cretaceous aged Caballos sand interval of 120 feet gross (52 feet net), with 
an average porosity of 13%, was flow tested with only formation water recovered 
at an average rate of 112 barrels per day. 
 
 
The Cretaceous aged Villeta T sand interval of 36 feet gross (27 feet net), with 
an average porosity of 17 %, was flow tested with an average oil rate of 8 
barrels per day with a water cut of 97 % 
 
 
The Cretaceous aged Villeta U sand was encountered at 11,030 feet with a gross 
interval of 80 feet (65 feet net sandstones) and an average net porosity of 17 
%. An interval of 20 feet at the top of the sand was flow tested through a 
128/64 inch choke, under artificial lift using a jet pump, at an average oil 
rate of 731 barrels per day of 32.5o API crude over a 48 hour period with an 
average water cut of 26 %, which may have been the return of fluids lost to the 
formation while drilling. 
 
 
The Cretaceous aged Villeta N sand interval of 7 feet gross (7 feet net) was 
encountered at 10,405 feet with an average porosity of 14 % and is currently 
being tested. 
 
 
Emerald's Chief Executive Officer, Angus MacAskill, said: 
 
 
"We are very pleased to have discovered and flow tested oil in the Mirto No.1 
well, the Company's first exploration well in the Putumayo region in the south 
of Colombia. We look forward to the results of the flow testing operations in 
Villeta N, the final sand to be flow tested in this 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. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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