Centauro Sur No.1 exploration well continues to produce at approximately 250 bopd and a second well on the Centauro Sur field is being planned for later in 2006.
Daily gross production for 1st quarter 2006 averaged 4,400 bopd. During April and May production continued to be impaired by the failures of rented surface hydraulic pumps at the Campo Rico and Vigia fields and, in addition, the failure of downhole pumps in Vigia No.1 and Campo Rico No.1 wells. These wells during 1st quarter 2006 produced at an average rate of 954 bopd and 760 bopd respectively and when removed from production had a significant impact. Average production for May to date is 3,400 bopd.
The downhole pump in Campo Rico No.1 has been replaced and the well returned to production. Vigia No.1 is being worked over and an electric submersible pump installed to replace the downhole jet pump; it is expected that the well will be returned to production by end of May. New surface hydraulic pumps have been purchased for the Campo Rico and Vigia fields as planned and will be installed during June 2006.
The Company is preparing to replace hydraulic jet pumps at Campo Rico No.1, 2 and 3 wells with electric submersible pumps to improve the reliability of production levels.
Alastair Beardsall, Emerald's Chairman, said:
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