Ryder Scott Company has prepared an independent study of the recoverable gross reserves for the Tigris structure using the reserve definitions approved by the Society of Petroleum Engineers and the World Petroleum Congress. The data used for the study includes wireline logs from a well drilled to the Palaeozoic in the Tigris structure in 1994, and an extensive 3D seismic survey available over the Souedieh Field. Reserve and resource figures are stated in billions of cubic feet of natural gas (bcf), millions of barrels of oil (mmbbl) and millions of barrels of oil equivalent (mmboe) where six thousand cubic feet of natural gas is equivalent to one barrel of oil.
The Tigris structure is potentially large but with only one well bore on the structure. Based on data currently available, the Ryder Scott report concludes that there are nine potentially productive zones contained within Palaeozoic age reservoirs penetrated by the existing well bore. As the available data is insufficient to determine the expected hydrocarbon fluid contained within the structure, Ryder Scott developed two cases for this evaluation: a gas case and an oil case.
If Tigris is a natural gas accumulation, Ryder Scott has classified 442 bcf as Probable Reserves, a further 442 bcf as Possible Reserves, and a further 3447 bcf as a Prospective Resource. In summary, total hydrocarbon potential for Probable and Possible Reserves and Prospective Resource in this case is 4330 bcf, equivalent to 722 mmboe.
If Tigris is an oil accumulation, Ryder Scott has classified 104 mmbbl of oil and 64 bcf of gas as Possible Reserves and a further 408 mmbbl of oil and 245 bcf of gas as Prospective Resource. In summary, total hydrocarbon potential for Possible Reserve and Prospective Resource in this case is 512 mmbbl and 308 bcf, equivalent to 563 mmboe.
Emerald's 50% participating interest in the Tigris structure and it potential reserves, is subject to the fiscal terms of the Production Sharing Contract.
A Letter of Intent has been signed with a drilling contractor to drill a well on the Tigris structure and plans are underway to commence drilling in August 2006.
Alastair Beardsall, Emerald's Chairman, said:
Emerald Energy holds a 50% working interest in Block 26 in Syria through its 100% owned subsidiary SNG Overseas Ltd.
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