OilVoice - Emerald Energy Provides Update on Yousefieh No.1 Well, Block 26, Syria

Emerald Energy Provides Update on Yousefieh No.1 Well, Block 26, Syria

06 November 2008

Emerald Energy Plc (“Emerald” or the “Company”) provides the following update on progress in the Yousefieh No.1 exploration well in Block 26, Syria, following notification from the Operator.

The commencement of drilling operations on the Yousefieh No.1 exploration well, with an expected total drilling depth of 2,300 metres, was announced on 6th October 2008.

Oil shows were observed while drilling a target Cretaceous formation at approximately 1,940 metres. Coring operations were conducted and the recovered cores indicated the presence of oil in the formation.

The remaining programme, which will include drilling to the expected total drilling depth of 2,300 metres, wireline logging and possibly production testing, is expected to take up to two weeks to complete.

Emerald’s Chief Executive Officer, Angus MacAskill, said:
“While encouraging, the results to date are not sufficient to determine at this point either the size or commercial potential of an oil accumulation. We look forward to the results of the complete data acquisition programme in this well.”