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Emerald Energy (EEN) 271.25p

We have previously discussed the Khubert East discovery in Syria with reference to Gulfsands Petroleum but Emerald, which has a 50% stake, has also benefited from the success there.

The company is currently in the process of drilling the first horizontal well on the field as it prepares to bring the asset on stream (that should happen towards the end of this year).

In February an independent audit led to a substantial reserves upgrade, and Emerald received approval for the commercial development of the field. The group hopes to have a rig available in Syria to drill development and exploration wells from June and, in addition, is looking to drill a number of wells in Colombia from the middle of the year.