The paper examines theoretically the continuous flow extraction by emulsion globules in which the transferring solute reacts with an internal reagent. The reversible reaction model is used to predict performance. These results are compared with advancing front calculations which assume an irreversible reaction. A simple criterion which indicates the importance of reaction reversibility on performance is described. Calculations show that assuming an irreversible reaction can lead to serious underdesign when low solute concentrations are required. For low solute concentrations an exact analytical solution to the reversible reaction problem is possible. For moderate solute concentrations, the authors have developed an easy parameter adjustment of the advancing front model which reasonably approximates expected extraction rates.