Naftex Recommences Production from Third Well on Coral Field

Coral Field, Santos Basin, Brazil
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Naftex Energy and its subsidiary Coplex Petroleo do Brasil Limitada, announce that Petrobras, the operator of the Coral field where Coplex Brasil has a 27.5% interest, reports that production has recommenced from the third well (referred to as 3D). This well was initially put on stream in February 2003, but had to be closed down in March 2003 due to a leak in the production string.

Production data from this well will be released when stabilized production is achieved. This is expected to happen within a week.

Naftex is the indirect owner of all of the shares in Coplex Brasil. Coplex Brasil participates with a 27.5% interest in three operating licenses offshore the Santo Catarina Coast in Southern Brazil, identified as the coral, Estrela-do-Mar and BS-3 licenses. The partners in all three licenses are Starfish Oil & Gas (with 7.5% participating interest), Queiroz Galvao Perfuracoes S.A. (30% interest) and Petrobras (35% interest). Petrobras is the operator of all three licenses.

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