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Emerald Provides Block 26 Exploration Well Update

Source: www.gulfoilandgas.com 8/18/2006, Location: Middle East

Exploration well North Souedieh No.1 was drilled during the second quarter of 2006. Gas shows were recorded while drilling and interpretation of the electric wireline logs identified potential hydrocarbon zones. However no hydrocarbons were recovered when tested using a wireline conveyed testing tool. The well has been suspended while the acquired data is reviewed and alternative testing operations considered.

Tigris No. 1, the next exploration well expected to spud in late September 2006, will test the Tigris prospect located beneath the large Souedieh field. The Souedieh field, owned and operated by Syrian Petroleum Company (SPC), currently produces approximately 85,000 bopd. The S1100 well drilled more than a decade ago by SPC penetrated the Tigris prospect and encountered gas in several zones, some of which when flow tested, produced gas to surface. The potential hydrocarbon layers within the Tigris prospect have been mapped using the 3D seismic previously acquired by SPC over the Souedieh field. Using the existing dataset, Ryder Scott LLP, independent reserve engineers, completed a study of the Tigris structure to determine its potential to contain either gas or oil.

The Ryder Scott study has concluded that, if the Tigris structure contains gas, then the potential gross Probable and Possible reserves are 884 bcf of gas (equivalent to 145 mmboe) and, if the Tigris structure is an oil accumulation, then the potential gross Possible reserves are 104 mmbbl of oil and 64 bcf of gas (equivalent to 114 mmboe). Ryder Scott has valued Emeraldís share at US$494 million in the case of gas accumulation and at US$452 million in the case of oil accumulation. Emerald holds a 50% working interest in the contract to explore, develop and produce hydrocarbons from Block 26.

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