Production
In 2007, Emerald’s production came from its operations in Colombia; the Campo Rico block (the Campo Rico, Vigia and Centauro Sur fields), the Matambo block (the Gigante field) and the Fortuna block (Silfide field). In 2007, Emerald achieved an average gross field production rate of 3,456 bopd, compared to 3,673 bopd in 2006. This 6% decline in production represents a combination of natural decline and variable operating efficiency of production equipment. On the entitlement basis, in 2007, Emerald achieved 2,038 bopd, 59% of the gross field production, compared to 2,510 bopd, or 68%, achieved in 2006.
Reserves
Emerald announced in January 2006 the results of an independent reserves study by Rider Scott Company on the Tigris prospect based on the results on a previous well drilled by SPC to test the deep potential below the Souedieh field. There is insufficient data to identify whether the potential is primarily for oil or for gas, and Rider Scott therefore developed two cases involving recoverable Probable and Possible Reserves and Prospective Resources as follows:
Gas
For a gas accumulation, Rider Scott classified 442 billion cubic feet of gas (bcf) as Probable Reserves, 442 bcf as Possible Reserves, and an additional 3,447 bcf as a Prospective Resource, giving a total Probable, Possible and Prospective Resource of 4,330 bcf (equivalent to 722 million barrels of oil equivalent (mmboe).
Oil
For an oil accumulation, Rider Scott classified 104 million barrels of oil (mmbbl) and 64 bcf as Possible Reserves and an additional 408 mmbbl and 245 bcf as an Prospective Resource, giving a total Possible and Prospective Resource of 512 mmbbl plus 308 bcf (equivalent to 563 mmboe).