| Emerald Energy plc | |
| Type: | Wholly owned subsidiary |
| Foundation: | 1996 |
| Location: | London, United Kingdom |
| Industry: | Oil and Natural Gas |
| Revenue: | $86.0 million (2008) |
| Operating Income: | $53.1 million (2008) |
| Net Income: | $35.6 million (2008) |
| Num Employees: | 130 (2013) |
| Owner: | Sinochem Group |
Emerald Energy plc is an energy exploration subsidiary of Chinese state-owned company Sinochem with headquarters in London but is registered offshore in the Isle of Man. The company specialises 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.
The company was established in 1996 when it was first listed on the London Stock Exchange as an oil exploration business.[1] 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.[1]
In May 2000 a serious fire at Gigante put a well out of production for several months.[2]
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.[1]
On 13 July 2009 the company announced that it was in preliminary takeover talks with a third party.[3] 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.[4]
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.[5]
Emerald Energy have many contracts which cover exploration and exploitation rights of oil fields in Colombia 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.
In March 2023 there were violent protests at its facilities near San Vicente del Caguan in Colombia.[6]