Emerald Energy Share Discussion Threads

[bobobob5] 08/11/2009 22:13

I said £12. Oh dear, right again! Getting £12-£15 is something else though.

It will however be interesting to see how long this asset takes to go anywhere.

There are lots of undervalued oilers...anyone heard of MOG?

Quite why John Dorrier would have been wanting out of GPX for the past 18 months is something I don't get, unless he has some other better bagger...the Gulfsands board made no secret of the fact, both last year at the AGM and again at this year's, that he wanted to sell. This news did not come into the public domain from AG, it was already known.

The trouble with Emerald has been that the reality of the recoverable barrels has *invariably* fallen short of the initial hopes. This goes right back through the tenure of AB, into the stewardship of the previous management. Gigante, supposedly containing anything from 1 billion barrels gross (Schlumberger estimate) to maybe 3 to 4 billion barrels (I think that one appeared in the public domain once)...the Chawina wells...

Maybe we could have developed these assets without Sinochem. Maybe. I doubt if we could, personally. That's what AB thinks anyway. And if his heart was no longer in it... Best out of it imo.

[flip101] 08/11/2009 10:12

I think everyone knows we have been merked with the Sinochem takeover. Capella is huge. Block 26 is huge. Schroders were buying GPX in the 230's. A more realistic takeover price was £15.

[captainfatcat] 08/11/2009 08:48

Canacol Energy Announces 347% Increase in Reserves In 2009

[7kiwi] 06/11/2009 07:26

Canacol now has gross, high end unrisked recoverable resources of some 231.89mmbo at Capella. If they are using the same 10-11% recovery factor as was used before by Emerald, then the unrisked OIP estimate is ~2.3bn bbls.

Sinochem's share of these resources will be ~208mmbo recoverable.

Currently only 2.1mmbo 2P reserves net to Canacol on the basis of 6 wells drilled, equating to 18.9mmbo to Sinochem.

Canacol seem to expect more appraisal drilling to significantly increase reserves.

[bobobob5] 04/11/2009 16:58

er...might Sinochem sell Maranta to SEY? To form AB's new engine room? I wouldn't rule it out.

[264091] 04/11/2009 16:28

LA CORTEZ ENERGY, INC.
Calle 67 #7-35 Oficina 409, Bogotá, Colombia

LA CORTEZ ENERGY ANNOUNCES OPERATIONS UPDATE IN THE MARANTA AND PUTUMAYO-4 BLOCKS IN COLOMBIA

Mirto # 1 well initiates long term production test to establish operational optimization
Current cash flow from Mirto production anticipated to be sufficient to cover operating overheads

Bogotá, Colombia - November 4 , 2009 -- La Cortez Energy, Inc. ("La Cortez") (OTC: LCTZ) is pleased to announce the following operational update:

Maranta Block

Emerald Energy Plc. ("Emerald"), the operator of the Maranta Block where La Cortez will hold a 20% working interest, reached the intended total depth of 11,578 ft on the Mirto-1 exploration well, with oil and gas shows recorded across the four target reservoirs. Flow testing operations were completed in the Villeta U and N sands in the Mirto-1 well. As previously indicated, The Villeta U sand interval produced an average oil rate of 731 barrels per day of 32.5 degree API (American Petroleum Institute) crude. The N sand, the upper most of the four sands tested in this well, produced oil of 15 degree API at an average rate of 247 barrels per day over a 48 hour period, with an average water cut of 64%.

The well was completed with an Electric Submersible Pump (ESP) at 7,043feet. The drilling rig was released on October 4th, 2009. Since then, the well has been on a production test from the Villeta U sand interval at an average rate of 450 bopd (barrels of oil per day) gross of good quality oil, (31.5 degree API, with an average BS&W (Basic Sediment and Water) of 50%. Well production is currently restricted due to limited water handling capacity at the site. Production tests will continue and the Operator is planning to conduct special production testing and logging to determine the source of the water production so that the necessary actions can be taken to limit the water cut and maximize oil production.

Based upon these preliminary results, it is planned to acquire some 30 km of 3D seismic in the area to determine the Maranta block development program, with a current expectation of drilling a follow-on appraisal well during the 1st half on 2010.

Effective October 12, 2009, Emerald's parent, Emerald Energy Plc, was acquired by Sinochem Resources UK Limited, a United Kingdom subsidiary of Sinochem Corporation, a state-owned enterprise with long history of nearly 60 years operating globally in core businesses of energy, chemicals, agriculture, finance and real estate.

The Maranta block covers an extension of 36,608 hectares in the foreland of the Putumayo Basin in Southwest Colombia, which has over the past several years been a region of significant new oil discoveries. Emerald's contract for this block was signed with the ANH on September 12th, 2006. Emerald completed the first phase exploratory program by reprocessing 40 Km of 2D seismic and shooting 71 Km of new 2D seismic, identifying several promising leads. The Maranta block is adjacent to the recent 20 million barrel proven discovery of the Costayaco field made by Gran Tierra Energy, Inc.

Putumayo-4 block

On October 14, 2009, our wholly owned subsidiary, La Cortez Energy Colombia, Inc. ("La Cortez Colombia") entered into a joint operating agreement (the "JOA") with Petroleos del Norte S.A. ("Petronorte"), a subsidiary of Petrolatina Plc. (AIM: PELE). The JOA was signed pursuant to the initial memorandum of understanding between La Cortez Colombia and Petronorte dated December 22, 2008.

The Putumayo 4 Block covers an area of 126,845 acres (51,333 hectares) located in the Putumayo Basin in southern Colombia and has over 1,200 Km of pre-existing 2D seismic, which is being reprocessed with expected completion by the end of November 2009. During this initial stage, we and Petronorte have taken the necessary steps to obtain a preliminary status of environmental issues and to identify the number and location of communities and indigenous populations in the block in order to expedite the permitting and licensing processes.

Under the terms of the E&P Contract, we will acquire an additional 103 Km of 2D seismic in the 1st half of 2010, and expect to drill an exploratory well by the 2nd half of 2010. The E&P Contract will consist of two, three-year exploration phases and a twenty-four year production phase.

Andres Gutierrez, President and CEO of La Cortez, commented on the announcement, "We are very pleased with the progress of our operations in Colombia, especially with the successful results of our 1st exploratory well Mirto-1. We completed our third successful capital raise in eighteen months in September of this year, and these proceeds are expected to be sufficient to fund our near term operating commitments. It is expect that potential revenues from the Mirto#1 well to cover our working capital needs and any additional funds will be used primarily for the development of other growth opportunities, such as corporate and asset acquisitions, in addition to farm-in and other joint venture opportunities that are currently being evaluated in what is a very active transaction pipeline. We are very enthusiastic about our working relationship with Sinochem, our new partner in the Maranta Block. In regards to Putumayo-4, we fully expect to confirm our preliminary evaluation of the block prospectivity and to further determine our drillable options through new seismic acquisition."

[brad44] 04/11/2009 14:11

Well done to goders3 and sneakypete..

[7kiwi] 03/11/2009 22:30

goders3.

Poster................... End 2009 Target (p) Comment
AM4RJIT.................. 380
Little hen............... 395
Steve73.................. 420
johnski_uk............... 450
eacn..................... 460
culchi................... 480
RabidDog................. 485
piinthesky............... 495
JTCod.................... 500
Rsabatini................ 500
efagie................... 518
abclexchat............... 519
thebaron................. 525
junior21................. 525
drmerv................... 533
diesel................... 550
Welsheagle............... 575
roy1982.................. 581
stevea171................ 600
slim9.................... 605
blik..................... 610
7Kiwi.................... 611
Mcfly79.................. 620
tuckswood8............... 629
3rog..................... 635
Mick_Oi.................. 636
nosnibbor................ 655
louke.................... 680
BobbyEwing............... 685
captainfatcat............ 700
amalachier3.............. 710
jefforfred............... 720
nielsc................... 723
dia43.................... 736
goders3.................. 750
sneakypete............... 751.75
Battery.................. 760
tracker.................. 777
Tpain.................... 800
Br1an.................... 800
PENDRAGON2............... 850
Strummer2................ 863
cboney................... 875
west4.................... 888
Cyfalafwr................ 900
Truckertee............... 950
monkeymagic.............. 976
LFDKMP................... 1,040
Nat Hart................. 1,050
DFGO..................... 1,050
dogdig................... 1,080
264091................... 1,195 Reject bid @ 950p
nickiegaul............... 1,200
bobobob5................. 1,200



Mean..................... 707.4
Median................... 667.5
Standard Deviation....... 215.1
Number of players........ 54
Last Updated:............ 06-Jan-09

[brad44] 03/11/2009 22:15

..before somebody does turn the lights out here, who got closest in the guess the shaere price and year competition?

[wooster4] 02/11/2009 10:31

bob - whilst i have not agreed with you on several corporate governance issues and also the boards action since the bid was announced, many thanks for your valuable contributions over the years. From starting as a complete non-oiler, i can almost sound relatively knowledgable in the pub these days!!!

[bobobob5] 02/11/2009 09:02

Many thanks. Nice progress on AST announced today...btw I don't personally expect the SEY priceto come back because of the "2 at 1.3p for 9" plans. I say that because the market already knows all about it...though what the market does not know is what AB intends to use the resultant money on (and neither do I). But he did tell me that the LSE requires him to issue a prospectus as part of the (hoped-for) announcement, so they will have to set out their stall. If he were to announce some sort of acquisition or something...well it's possible...anyway, I added 300k SEY the other day, I'm not going hog-wild on it by any means, but I do like it. bob

[drmerv] 01/11/2009 18:51

Thanks for responding Bob. I have some Aminex bought some time ago and am now averaging down (Same as I did with Emerald). Things look to be getting more interesting with Aminex, and the shares do have the advantage of being ISAable.

Thanks for all your efforts on your and our behalf over the years on this thread. I have not always agreed with everything that you have said but have to acknowledge that you are much more knowledgeable that I am.

I am also currently in AST and am watching most of your other potential multibaggers. I have also been in SEY for many years but have recently sold out to buy more GKP. I fully intend to get back into SEY soon - expecting the price to be depressed when the 1.3p shares become available.

Thanks also for getting me into GKP. I noticed you discussing it on here the day before the first RNS that took it from below 20p to over 80p, and managed to get a few first thing.

Best wishes

[bobobob5] 01/11/2009 16:35

Hmmm...I don't have any Aminex, though I've been aware of them for ages. My "potential 10x bagger in the foreseeable future" test, which is the hurdle that anything must jump before I will invest, is quite demanding (to say the least) and I think that - for me - money is better invested in the others that I mention. That's certainly not to say that I think AEX isn't any good. bob

imho DYOR etc

[drmerv] 01/11/2009 15:58

Hi there Bob.

What do you think of Aminex - after attending the Oilbarrel presentation? I saw that the price went up a bit on Friday and wondered if you had opened your purse!

[bobobob5] 01/11/2009 15:45

I don't think there will ever be another Emerald the Dog...but maybe that's a good thing!

Here are my potential multibaggers (I have investments in all of them):

AST, XTR, MXP, RXP, SEY, NTOG (already gone up a lot), MATD, LND, AUL.

but imho DYOR etc as always

[captainfatcat] 31/10/2009 21:13

lol kiwi, back today from a weeks r&r in Cornwall, cash in my account ready to make a few selective top ups, but which one first? EENy mEENy Miney Mo, catch a multibagger before it grows...

[7kiwi] 27/10/2009 17:15

Sad to see it go:

[nielsc] 27/10/2009 17:06

MML now my largest holding. Still got some GPX so I will no doubt see a few of you over there as well as on the IAE bb.

Will the last person turn out the light :-)

Cheers,
Niels

[bladeboy] 27/10/2009 16:31

Checked with the wife, the cheque arrived today :-)
See you all on the next one,
bb

[lfdkmp] 27/10/2009 16:03

HSBC credited my a/c with EEN proceeds earlier this pm.

[mersea111] 27/10/2009 12:20

My cheque also arrived this morning. I have held shares in EEN since the mid 1990's and my patience has finally paid off. Wished the amount could have been higher but I am still pleased with the final result. Good luck to all for your current and any future investments. Martin

[br1an] 27/10/2009 11:38

I remember you Miss Innes, I wonder whatever happened to Peter Shone. He was a great EEN supporter/poster on the old Moneyworld BB in those heady days pre blow-out.

[bobobob5] 27/10/2009 11:32

Yes, our cheques arrived today, first class.

Shonal: I agree with you 100%. This is a right good result for sure, whatever some people might have said. bob

[efagie] 27/10/2009 11:23

my cheque from capita arrived this morning, first class post.

[shonai] 27/10/2009 11:20

I was banging on about emerald energy on the Moneyworld noticeboard amny moons ago. Things did come good in the end, patience truly is a virtue.