As at January 1, 2006, the combined Proved plus Probable reserves of the Gigante, Campo Rico and Vigia fields were 14.5 million barrels of oil (as derived from RPS Energy's 2005 reserves report for Gigante and Campo Rico and 2006 reserves report for Vigia, and adjusted for 2006 production). On the same basis, the combined Proved plus Probable plus Possible reserves of these three fields were 30.3 million barrels of oil.
Centauro Sur prospect:
El Algarrobo block (operated by Rancho Hermoso):
The workover of the Gigante No.1A well to replace the tubing and install an electrical submersible pump (ESP) is now complete. The well is currently producing in excess of 800 bopd. The lifting rate of the ESP is being increased gradually to optimize the production rate.
The remedial work on Vigia No.2 is now complete and the well is producing 200 barrel of oil per day (bopd) from the Une formation.
In the period from January 1, 2006 to date, daily gross production averaged 4,362 bopd. Temporary flattening of production growth has been caused by reduced production at the Gigante field in the run-up to the workover and by failures of surface hydraulic pumps operated in the Campo Rico and Vigia fields. Gigante No.1A is now back on production and new, larger, surface hydraulic pumps have been purchased for the Campo Rico and Vigia fields.
Alastair Beardsall, Emerald's Chairman, said:
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