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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