Naftex Says Production Stabilized at Coral Field Well

Coral Field, Santos Basin, Brazil
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Naftex reports its subsidiary, Coplex Petroleo do Brasil Limitada, and Petrobras, the operator of the Coral field has finalized the scheduled workovers of two of the production wells on the Coral Field (including well 3D) in December and January 2005. The production from well 3D which, in the past, has produced less than originally expected, has now been stable for more than a month. It thus seems that the problems associated with the cleaning up of the well may have been solved.

The production at the Coral Field in December 2004 and January 2005 has been 7,600 and 8,200 barrels per day respectively. This was lower than expected due to down-time in connection with the workovers. After the successful completion of the workovers the daily production stabilized close to 10,000 bpd.

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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