Emerald Energy (AIM: EEN) is smiling, thanks to new oil price highs. The oil exploration company was more than happy today to announce that its six month profit, after tax, had more than tripled.Emerald Energy, whose shares trades on the AIM, London Stock Exchange said it saw an increase of more than $8 million in net income, which rocketed from $4.1 million in 2007 to $12.4 million presently. Despite a decrease in gross production from 663,000, to 528,000 barrels, revenue was up to $29.6 million from $20.7 million earlier.
The Isle of Man-based company owns a couple of oil-rich assets in Columbia, which on average produce 2,901 barrels a day, less than was projected earlier. The company blames a failure of the electrical submersible pump in the Gigante No.1A well for the shortfall.
Sky-rocketing oil price is awarding Emeral Energy
There was some other news today from Emerald. The company announced that it will give away a 30% interest in the Ombu to Canacol Energy Inc by paying 100% of the cost of up to 15 wells plus 2D and 3D seismic surveys.
Reference
www.emeraldenergy.com
User comments
Canacol Energy Inc pay 100% all costs for 30% interest
The following reads that Emerald are paying 100% costs
There was some other news today from Emerald. The company announced that it will give away a 30% interest in the Ombu to Canacol Energy Inc by paying 100% of the cost of up to 15 wells plus 2D and 3D seismic surveys.
There is one hell of a story behind both GPX and EEN as we all know, therefore why is it so difficult for investigative journalists to earn their corn and give their readers something to think about.
Wake up Midas and you other so called tipsters and do your job