Emerald Energy has Commenced Drilling Operations on the Tigris Prospect
Emerald Energy has begun drilling on the Tigris prospect located in the northeast region of Block 26 directly underlying the Souedieh Field, the largest known oil field in Syria. The Tigris No.1 exploration well is expected to take 90 to 120 days to drill and evaluate. It will be a vertical well drilled to an approximate depth of 4,500 meters.
Tigris No.1 will be the second well to penetrate the Carboniferous and Devonian aged reservoirs of the Tigris structure. The S1100 well, drilled in 1994 by the Syrian Petroleum Company and located approximately 1 kilometer northeast of the Tigris No.1 well, was the first well to intersect these reservoirs within this structure. Independent interpretation of the wireline logs from the S1100 well indicates a substantial hydrocarbon column.
Ryder Scott Company, L.P. completed a reserves study and valuation of the potential Probable and Possible reserves (unrisked) for the Tigris structure in Block 26, Syria.
Tigris No.1 is the second of four commitment wells to be drilled during the initial exploration phase of the contract for Block 26 that ends in August 2007.
Emeralds' Chairman, Alastair Beardsall, said:
'We believe the data from the S1100 well indicates Tigris contains hydrocarbons; the drilling and testing of Tigris No.1 will determine if the mapped reservoirs contain sufficient reserves that can be produced at commercial flow rates for the Tigris structure to be developed. In addition to Tigris, a number of leads and prospects are being evaluated, the best of which will be selected for our future drilling program.'
Emerald holds a 50% interest in Block 26 through its fully owned subsidiary SNG Overseas Ltd.
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