28th Jun 2005 11:15
Emerald Energy PLC28 June 2005 Emerald Energy Plc ("Emerald" or the "Company") Operations Update Emerald is pleased to provide the following update: The Company has completed the drilling of Vigia #2 in the Campo Rico block. This appraisal well was drilled from the Vigia #1 well location and deviated to enter the target oil reservoirs almost 3000 ft to the southwest. The well was drilled to a total depth of 11,680 ft and has now been completed for production. The Saxon Energy Services (ex Parker Drilling) Rig 222 is now moving to drill Vigia #3, a second appraisal well also to be drilled from the Vigia #1 location. Temporary production facilities are being constructed at Vigia and it is expected that approval for long-term production tests of Vigia #1 and Vigia #2 will be obtained shortly, which will permit early production from these wells. The long-term production tests will be carried out using hydraulic downhole pumps (jet pumps) as currently used at the Company's Campo Rico and Gigante fields. Since its discovery by Emerald in 2004, the Campo Rico field has produced over 500,000 barrels of oil and the Company is preparing a Commerciality Application to present to Ecopetrol with respect to the field. A similar Commerciality Application for the Vigia field will be prepared once the preliminary results from the long-term production tests of the Vigia wells are available. The workovers at Campo Rico #2 and #3 are currently being carried out and production from these wells is anticipated in July as previously indicated. Alastair Beardsall, Emerald's Chairman, said: "The development of the Campo Rico and Vigia fields is set to give the Company a further increase in its oil production and is evidence of Emerald's commitment to its fast track exploration and production programme in Colombia." Enquiries: Helen Manning 020 7925 2440 28 June 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Emerald Energy