The Tigris No.1 exploration well has been drilled to a depth of 4,500 meters. Hydrocarbon shows were encountered while drilling, two cores were cut during the drilling operation, and an extensive suite of wireline logs was run across the Palaeozoic section.
Analysis of the wireline logs suggested that hydrocarbons may be present, but formation pressure sampling was unable to confirm the presence or mobility of any such hydrocarbons.
On the basis of the data acquired in the Tigris No.1 well, Emerald believes it is unlikely that commercial hydrocarbons can be produced from this well. Emerald has therefore elected not to participate in the running of a liner in the well and this operation is being conducted by the Operator as an exclusive operation under the Joint Operating Agreement between the Block 26 partners. Emerald may elect, at any time, to participate in the future operations on Tigris No.1 well and would be required to reimburse the operator its costs with an additional back-in penalty.
The MB3 drilling rig is expected to be released from the Tigris No.1 well shortly and will proceed to drill two wells for the rig-share partner, with an expected return date of mid July 2007. The MB3 rig will then drill the fourth exploration well in Block 26.
The third exploration well in Block 26 will be drilled by the Crosco 602 rig on the Khurbet East prospect. The well is expected to spud around mid-February 2007. The Khurbet East prospect is a fault-bound structural culmination, with closure mapped at multiple potential reservoir levels including Cretaceous, Triassic and Palaeozoic ages. The total drilling depth is expected to be 3,700 meters and will require approximately 100 days to drill and evaluate.
Emeralds' Chief Executive Officer, Angus MacAskill, said:
"While it is disappointing not to have established commercial production in the Tigris No.1 well, the information collected from the well has been invaluable in further developing the understanding of the exploration potential in the area and for focusing the future exploration efforts. We are very much looking forward to the outcomes from the two remaining commitment wells to be drilled in the Block in 2007."
Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNG Overseas Ltd.
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