Exploration

El Algarrobo block (Emerald 50% working interest, operated by Rancho Hermoso):

Exploration well Agueda No.1 has been cased and perforated. During the flow test, no hydrocarbons were recovered. The well will be plugged and abandoned. Saxon Rig 223, used in drilling Agueda No.1, is now moving to the Campo Rico block to drill the Las Acacias prospect located south west of the Vigia field.

Centauro Sur prospect:

Pride Rig 14, drilling the Centauro Sur No.1 exploration well, is currently drilling ahead at 7,401ft.

Alastair Beardsall, Emerald’s Chairman, said:

“After seven successful wells the dry hole at Agueda #1 is naturally a disappointment. With a 50% working interest and the target reservoir being relatively small, this unwelcome result will have only a limited effect on the growth in our Colombian operations.”