Emerald Issues Update on Middle Magdalena Well

Magdalena Basin
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Emerald Energy Plc on Monday reported the status of the Aureliano No.1 exploration well in the Fortuna Association Contract area in the Middle Magdalena Valley in Colombia. Emerald has a 90 percent interest in this contract.

The well has been drilled to a total measured depth of 8,745 feet with a maximum deviation through the target formations of 45 degrees. The target La Luna limestone formations were encountered as forecast, hydrocarbon shows were recorded while drilling the La Luna sections and analysis of the electric wireline logs indicates the presence of potential hydrocarbon-bearing zones.

The well has been prepared for production testing to determine the productivity of the reservoirs encountered. The program includes the use of natural flow, artificial lifting, and stimulation to establish well flow rates. The program has commenced and is anticipated to take up to 2 months to complete.

A detailed study of all the data acquired during the drilling and testing of the well will be undertaken to determine both the production potential of the well and the potential for further development drilling of the Aureliano accumulation.

With the drilling phase completed, the drilling rig, Saxon 223, is being de-mobilized from the location. This rig will now go on loan to another operator to drill one well prior to returning to Emerald in April to continue with Emerald's 2007 drilling program.

Emeralds' Chief Executive Officer, Angus MacAskill, said:

"We are very encouraged that the results of the well, to date, are consistent with the pre-drill prognosis and we look forward to the outcome of this next critical phase of production testing. If successful, there is potential for further development in this area."


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