Updates

Emerald Energy - Poor operational progress; take profits

February 2006

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

In its first move outside its core area of Columbia, Emerald has acquired a 50% stake in Block 26 in Syria, with AIM-listed Gulfsands, 100p, being its new partner and operator. Block 26 is a prolific region surrounded by several large existing oil fields and prospects have been identified with the potential for over one billion barrels gross. The deal cost US$16.9m, comprised of US$7.3m in cash on completion and the issuance of 3.5m new ordinary shares after 18 months and has been funded through a share placing at 158p, which raised a net US$13.1m. The shares initially responded positively but turned tail following a mixed operations update in Columbia. The biggest disappointments were in Campo Rico, with Government-owned Ecopatro ...

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Venture Production - Oil & gas production hits 50,000 barrels per day

Carphone Warehouse - Acquisitions push shares to new high

Emerald Energy (December 2005)

Emerald Energy - Oil e&p firm eyes strong production growth (November 2005)

Emerald Energy - Completes Campo Rico work-overs (October 2005)

Emerald Energy - Appraisal well completed (August 2005)

Emerald Energy - On course to reach 5000 barrels per day by end of July (July 2005)

Emerald Energy - Oil production set to increase sharply (June 2005)

With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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