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Emerald Announces Khurbet East No.3 Well Results, Block 26, Syria

Source: 1/8/2008, Location: Middle East

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Emerald Energy provided the following update on activities in Block 26, Syria. The Khurbet East No.3 appraisal well has reached a total depth of 2,050 metres, encountered the Cretaceous Massive reservoir as expected, and been flow tested at an average rate of 3,420 barrels of oil per day.

The well was the second appraisal well drilled in the Khurbet East field, following the Khurbet East No.1 discovery, located approximately 0.9 kilometres to the northwest, and the successful Khurbet East No.2 appraisal, located approximately 1.2 kilometres to the north of Khurbet East No.3. The main objectives of the No. 3 well were to obtain reservoir and structural information in the Cretaceous Massive formation and conduct a production test of the main reservoir section.

The Cretaceous Massive formation was encountered at a similar depth to the Khurbet East No.1 and Khurbet East No.2 wells, and wireline logs indicate a reservoir interval and reservoir properties similar to these wells. A definitive oil-water contact has still not been defined within the main reservoir interval.

Well testing operations were conducted over the full section of the main Massive reservoir. During a 24 hour flow period, oil flowed to surface under natural flow at an average stabilised rate of 3,420 barrels per day through a 48/64 inch choke. The oil was of approximately 26 degrees API gravity with a gas-to-oil ratio of approximately 60 standard cubic feet per barrel.

The results of the Khurbet East No.3 well will be included in the technical and commercial evaluation report and independent reserves evaluation being prepared by RPS Group plc, both of which are expected to be finalised in January 2008.

The technical and commercial evaluation report for the Khurbet East field is expected to be submitted to the Syrian Government and the Syrian Petroleum Company (“SPC”) in mid January 2008. Subject to their approval, the joint venture intends to proceed as soon as practicable with the development of the Khurbet East field, with initial production targeted for the fourth quarter of 2008.

The 3D seismic acquisition programme across the Khurbet East field has been completed. Following processing and interpretation, this data will be used to assist in the selection of further development well locations and to progress near-field exploration potential. The exploration 3D seismic acquisition programme to the south of the Khurbet East field is approximately 60% complete and is expected to be completed by the end of January 2008 with processing and interpretation to follow.

Emeralds’ Chief Executive Officer, Angus MacAskill, said: “We are delighted that Khurbet East No.3 well continues to demonstrate the high production potential of wells in the Khurbet East field. We look forward to early development of this field with initial production in 2008, and also to progressing the exploration programme for the remainder of the block with the results of the 3D seismic acquisition programme”

Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNG Overseas Ltd.

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