Emerald Energy Regulatory News (EEN)

16 Aug 2005 17:51

Emerald Energy PLC16 August 2005 Drilling Report Emerald Energy Plc ("Emerald" or the "Company") is pleased to provide thefollowing update: The Company has drilled Vigia #3 to a measured depth of 11,070 ft. The well hasbeen logged and potential zones for oil production identified in both the Uneand Lower Gacheta formations. Saxon Rig #222 (formerly Parker Rig #222) has runcasing and is preparing to run a completion string after which Rig #222 willmove and drill Sulfide #1, an exploration well on Emerald's Fortuna block. The production test of the Vigia structure is under way and well Vigia #1 isbeing produced at a reduced rate while larger gathering and separationfacilities are constructed; these are expected to be operational by mid Q4 2005.Vigia #2 and Vigia #3 will be flow tested and put on production when gatheringand separation capacity is available. The seismic, geological, and production dataset for the Vigia field is beinginterpreted and when complete the Company will instruct their independentengineers to complete a reserves report for the Vigia field. The Company is currently producing approximately 3,700 barrels of oil per day. Alastair Beardsall, Emerald's Chairman, said: "This 3rd well drilled into theVigia structure will add further to the Company's production growth. Theworkovers of Campo Rico #2 and #3 are completed and the Company is currentlyproducing from 5 wells and we expect to increase this to 7 as soon as theenlarged facilities at Vigia are completed" Enquiries: Helen Manning 020 7925 2440 This information is provided by RNS The company news service from the London Stock Exchange