Emerald Energy
Encyclopedia
Emerald Energy plc is a British
energy
company with headquarters in London
but is registered offshore in the Isle of Man. The Company specializes in oil exploration
and production of hydrocarbons. Formerly listed on the London Stock Exchange
and a constituent of the FTSE 250 Index
, the firm was acquired by Sinochem Group
in October 2009.
as a oil exploration
business. Later in 1996 it secured its first major opportunity at the Matambo field in Colombia
. By 1998 it had started drilling at Gigante
in the Matambo field.
In May 2000 a serious fire at Gigante
put a well
out of production for several months.
The Company extended its activities to Campo Rico in Colombia
in 2002 and to Fortuna in Colombia
in 2003. In 2003 it also started activities in Syria
, its first move outside Colombia
, and replaced the Board and senior management.
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
. 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.
and Syria
. 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.
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
energy
Energy
In physics, energy is an indirectly observed quantity. It is often understood as the ability a physical system has to do work on other physical systems...
company with headquarters in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
but is registered offshore in the Isle of Man. The Company specializes in oil exploration
Oil exploration
Hydrocarbon exploration is the search by petroleum geologists and geophysicists for hydrocarbon deposits beneath the Earth's surface, such as oil and natural gas...
and production of hydrocarbons. Formerly listed on the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
and a constituent of the FTSE 250 Index
FTSE 250 Index
The FTSE 250 Index is a capitalisation-weighted index consisting of the 101st to the 350th largest companies on the London Stock Exchange. Promotions to and demotions from the index take place quarterly in March, June, September and December...
, the firm was acquired by Sinochem Group
Sinochem Group
Sinochem Corporation , founded in 1950, is China's largest trading company and its first multinational conglomerate. Sinochem deals primarily in petrochemicals distribution, but also in rubber, plastics, and agrochemicals. It operates through more than 100 subsidiaries in China and abroad in...
in October 2009.
History
The Company was established in 1996 when it was first listed on the London Stock ExchangeLondon Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
as a oil exploration
Oil exploration
Hydrocarbon exploration is the search by petroleum geologists and geophysicists for hydrocarbon deposits beneath the Earth's surface, such as oil and natural gas...
business. Later in 1996 it secured its first major opportunity at the Matambo field in Colombia
Colombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
. By 1998 it had started drilling at Gigante
Gigante, Huila
Gigante is a town and municipality in the Huila Department, Colombia....
in the Matambo field.
In May 2000 a serious fire at Gigante
Gigante, Huila
Gigante is a town and municipality in the Huila Department, Colombia....
put a well
Oil well
An oil well is a general term for any boring through the earth's surface that is designed to find and acquire petroleum oil hydrocarbons. Usually some natural gas is produced along with the oil. A well that is designed to produce mainly or only gas may be termed a gas well.-History:The earliest...
out of production for several months.
The Company extended its activities to Campo Rico in Colombia
Colombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
in 2002 and to Fortuna in Colombia
Colombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
in 2003. In 2003 it also started activities in Syria
Syria
Syria , officially the Syrian Arab Republic , is a country in Western Asia, bordering Lebanon and the Mediterranean Sea to the West, Turkey to the north, Iraq to the east, Jordan to the south, and Israel to the southwest....
, its first move outside Colombia
Colombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
, 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
Subsidiary
A subsidiary company, subsidiary, or daughter company is a company that is completely or partly owned and wholly controlled by another company that owns more than half of the subsidiary's stock. The subsidiary can be a company, corporation, or limited liability company. In some cases it is a...
of Sinochem Corporation
Sinochem Group
Sinochem Corporation , founded in 1950, is China's largest trading company and its first multinational conglomerate. Sinochem deals primarily in petrochemicals distribution, but also in rubber, plastics, and agrochemicals. It operates through more than 100 subsidiaries in China and abroad in...
, 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
Extraordinary General Meeting
An extraordinary general meeting, commonly abbreviated as EGM, is a meeting of members of an organisation, shareholders of a company, or employees of an official body, which occurs at an irregular time. The term is usually used where the group would ordinarily hold an annual general meeting , but...
, where a clear majority of 99% of shareholders voted to approve the sale's scheme of arrangement
Scheme of arrangement
A scheme of arrangement is a court-approved agreement between a company and its shareholders or creditors...
. 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 ColombiaColombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
and Syria
Syria
Syria , officially the Syrian Arab Republic , is a country in Western Asia, bordering Lebanon and the Mediterranean Sea to the West, Turkey to the north, Iraq to the east, Jordan to the south, and Israel to the southwest....
. 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.
- 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.