Emerald Energy Regulatory News (EEN)

12 Jan 2005 07:00

Emerald Energy PLC12 January 2005 Emerald Energy Plc Drilling Report Emerald Energy Plc ("Emerald" or the "Company") is pleased to announce that theCampo Rico #3 development well in the Campo Rico block in the Llanos basin ofColombia has reached its target and is now being completed for production. The well was drilled directionally from the Campo Rico #1 well site to ameasured depth of 11,287 ft and encountered the oil-bearing Mirador sandsapproximately 2700 ft to the NNE of the Campo Rico #1 well. After completing Campo Rico #2 and #3 the Parker 222 drilling rig will leave thefield to drill the Vigia #1 exploration well, also in the Campo Rico block, andthe two new production wells will be tested and brought onto production throughthe expanded Campo Rico production system. Alastair Beardsall, Emerald's Chairman, said: "The successful drilling of thethird well at Campo Rico has completed the initial development of the oil fieldwithin ten months of its discovery last March. The benefit to the Company of therecent capital raising, which gave us the ability to accelerate our drillingprogramme, will be clearly demonstrated when production from the two additionalCampo Rico wells starts as expected by the end of February 2005." 12 January 2005 Press enquiries: Alastair Beardsall, Chairman and Chief Executive020 7925 2440 This information is provided by RNS The company news service from the London Stock Exchange