Emerald Energy plc is an energy exploration subsidiary of Chinese state-owned company
Sinochem
Sinochem Corporation () is a Chinese state-owned multinational conglomerate primarily engaged in the production and trading of chemicals and fertilizer and exploration and production of oil for civilian and military purposes. Its majority ow ...
with headquarters in London but is registered offshore in the
Isle of Man
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, image_map = Europe-Isle_of_Man.svg
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, map_alt = Location of the Isle of Man in Europe
, map_caption = Location of the Isle of Man (green)
in Europe ...
. The company specialises in
oil exploration
Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology.
Exploration methods
Vis ...
and production of hydrocarbons. Formerly listed on the
London Stock Exchange
London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
and a constituent of the
FTSE 250 Index
The FTSE 250 Index ( "Footsie") is a capitalisation-weighted index consisting of the 101st to the 350th largest companies listed on the London Stock Exchange. Promotions and demotions to and from the index occur quarterly in March, June, Septemb ...
, the firm was acquired by
Sinochem Group
Sinochem Corporation () is a Chinese state-owned multinational conglomerate primarily engaged in the production and trading of chemicals and fertilizer and exploration and production of oil for civilian and military purposes. Its majority o ...
in October 2009. The phone number for any ex-shareholder questions is 020 7930 7060.
History
The company was established in 1996 when it was first listed on the
London Stock Exchange
London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
as an
oil exploration
Hydrocarbon exploration (or oil and gas exploration) is the search by petroleum geologists and geophysicists for deposits of hydrocarbons, particularly petroleum and natural gas, in the Earth using petroleum geology.
Exploration methods
Vis ...
business.
Later in 1996 it secured its first major opportunity at the Matambo field in
Colombia
Colombia (, ; ), officially the Republic of Colombia, is a country in South America with insular regions in North America—near Nicaragua's Caribbean coast—as well as in the Pacific Ocean. The Colombian mainland is bordered by the Car ...
. By 1998 it had started drilling at
Gigante in the Matambo field.
[
In May 2000 a serious fire at Gigante put a ]well
A well is an excavation or structure created in the ground by digging, driving, or drilling to access liquid resources, usually water. The oldest and most common kind of well is a water well, to access groundwater in underground aquifers. The ...
out of production for several months.
The company extended its activities to Campo Rico in Colombia
Colombia (, ; ), officially the Republic of Colombia, is a country in South America with insular regions in North America—near Nicaragua's Caribbean coast—as well as in the Pacific Ocean. The Colombian mainland is bordered by the Car ...
in 2002 and to Fortuna in Colombia
Colombia (, ; ), officially the Republic of Colombia, is a country in South America with insular regions in North America—near Nicaragua's Caribbean coast—as well as in the Pacific Ocean. The Colombian mainland is bordered by the Car ...
in 2003. In 2003 it also started activities in Syria
Syria ( ar, سُورِيَا or سُورِيَة, translit=Sūriyā), officially the Syrian Arab Republic ( ar, الجمهورية العربية السورية, al-Jumhūrīyah al-ʻArabīyah as-Sūrīyah), is a Western Asian country loc ...
, its first move outside Colombia
Colombia (, ; ), officially the Republic of Colombia, is a country in South America with insular regions in North America—near Nicaragua's Caribbean coast—as well as in the Pacific Ocean. The Colombian mainland is bordered by the Car ...
, and replaced the Board and senior management.[
]
Buyout
On 13 July 2009 the company announced that it was in preliminary takeover talks with a third party.
On 12 August Sinochem Resources UK Limited, an indirect wholly owned subsidiary of Sinochem Corporation, announced their recommended proposals for the all-cash acquisition of Emerald Energy Plc. It is proposed that 750 pence will be paid in cash for each share, valuing Emerald Energy at approximately £532.1 million.
On 2 October Emerald Energy announced the results of an EGM, where a clear majority of 99% of shareholders voted to approve the sale's scheme of arrangement
A scheme of arrangement (or a "scheme of reconstruction") is a court-approved agreement between a company and its shareholders or creditors (e.g. lenders or debenture holders). It may affect mergers and amalgamations and may alter shareholder o ...
. The last day of dealings in, and for registration of transfers of the company's shares was 6 October 2009. The shares were removed from the LSE on 12 October, and the company became a subsidiary of Sinochem the next day.
Operations
Emerald Energy have many contracts which cover exploration and exploitation rights of oil fields in Colombia
Colombia (, ; ), officially the Republic of Colombia, is a country in South America with insular regions in North America—near Nicaragua's Caribbean coast—as well as in the Pacific Ocean. The Colombian mainland is bordered by the Car ...
and Syria
Syria ( ar, سُورِيَا or سُورِيَة, translit=Sūriyā), officially the Syrian Arab Republic ( ar, الجمهورية العربية السورية, al-Jumhūrīyah al-ʻArabīyah as-Sūrīyah), is a Western Asian country loc ...
. Since the takeover by Sinochem details of operations have been removed from the official website. Below are details of some operations from before the Sinochem buyout.
Colombia
* Matambo Association Contract, Gigante field
** At 69 km² it covers the Gigante field and surrounding areas in the Upper Magdalena Valley
The Magdalena River Valley ( es, Valle del Río Magdalena) is a valley in Colombia located within the Colombian Andes. The valley is specifically situated between the Central and Eastern Ranges and crossed by the river of the same name, the Magda ...
.
* Campo Rico Association Contract, Campo Rico & Vigia Fields
** At 503 km² it covers the ''Llanos basin'' area.
* Fortuna Association Contract
** At 106 km² it covers the oil-producing Middle Magdalena Valley basin and includes the Totumal oil field. Emerald have a 90% working interest in the area.
* Maranta E&P Contract
** At 365 km² it covers the area northeast of the producing oil fields in the Putumayo Basin (southwest Colombia).
* Ombu E&P Contract
** At 300 km² it covers the Caguan Basin, to the south-west of the Llanos Basin.
* Helen E&P Contract
**At 213 km² it covers the Putumayo Basin in south-west Colombia. Emerald are a co-venturer to jointly explore the area.
* Jacaranda E&P Contract
** At 235 km² it covers the Llanos Basin, 130 km southwest of the Campo Rico operations.
Syria
* Block 26
** Through Emerald Energy's wholly owned subsidiary, ''SNG Overseas Ltd'', they have a 50% working interest in ''Block 26'', the other 50% is held by ''Gulfsands Petroleum Syria Ltd''. It is located in northeast Syria and covers around 11,000 km².
References
External links
Official site
{{Authority control
Oil and gas companies of the United Kingdom
2009 mergers and acquisitions
Companies based in the City of Westminster
Energy companies established in 1996
Non-renewable resource companies established in 1996
1996 establishments in England
Companies formerly listed on the London Stock Exchange
British subsidiaries of foreign companies