Emerald Energy Suspends Campo Rico #2 as a Producer

Emerald Energy reports that the Campo Rico #2 development well in the Campo Rico block in the Llanos basin of Colombia has reached the target Mirador sands and has been temporarily suspended for completion as a production well in January 2005.

The well was drilled directionally from the Campo Rico #1 well site to a measured depth of 11,354 ft and encountered the oil-bearing Mirador sands approximately 2,400 ft to the SSW of the Campo Rico #1 well. The Parker 222 drilling rig is now being moved to drill the Campo Rico #3 development well, which is targeted to enter the Mirador reservoir to the NNE of Campo Rico #1.

The wells will be tested and brought onto production together after the rig leaves the Campo Rico field in February 2005. Rig 222 will then be moved to drill the Vigia #1 exploration well, also in the Campo Rico block.

The Campo Rico #1 well, which has been on production since May 2004, is currently producing oil at a rate of over 1800 barrels per day and the Company's total production in Colombia now exceeds 2500 barrels per day.

Alastair Beardsall, Emerald's Chairman, said: 'We are encouraged to see that the production from our existing wells continues to rise. Our accelerated drilling program is on target to deliver a significant increase in production when the two new Campo Rico wells are brought on stream early next year.'