Emerald Energy Completes Campo Rico #3 Well as a Producer

Emerald Energy reports that the Campo Rico #3 development well in the Campo Rico block in the Llanos basin of Colombia has reached its target and is now being completed for production.

The well was drilled directionally from the Campo Rico #1 well site to a measured depth of 11,287 ft and encountered the oil-bearing Mirador sands approximately 2700 ft to the NNE of the Campo Rico #1 well.

After completing Campo Rico #2 and #3 the Parker 222 drilling rig will leave the field to drill the Vigia #1 exploration well, also in the Campo Rico block, and the two new production wells will be tested and brought onto production through the expanded Campo Rico production system.

Alastair Beardsall, Emerald's Chairman, said: 'The successful drilling of the third well at Campo Rico has completed the initial development of the oil field within ten months of its discovery last March. The benefit to the Company of the recent capital raising, which gave us the ability to accelerate our drilling programme, will be clearly demonstrated when production from the two additional Campo Rico wells starts as expected by the end of February 2005.'