: AGERATO E&P CONTRACT
7 April 2008
Emerald Energy Plc (“Emerald” or the “Company”) is pleased to announce that it has been awarded a new exploration & production contract in Colombia. The Agerato Contract, in which Emerald has a 100% working interest, covers an area of 170 sq. km and is located in the Putumayo Basin in south-west Colombia, approximately 75 km to the south-east of the Company’s Maranta exploration & production contract area.
The initial phase of the exploration period is 12 months and the minimum work programme comprises the acquisition of 35 km of new 2D seismic data and the re-processing of 40 km of existing 2D seismic data. Emerald expects the prospective depths to be relatively shallow, at approximately 7,000 ft. The second phase of exploration, if entered, would include the drilling of a well.
The Agerato Contract has been awarded by the ANH, the National Hydrocarbon Agency of Colombia, and a copy of the model contract terms can be found on the ANH website (www.anh.gov.co).
Emerald's Chief Executive Officer, Angus MacAskill, said:
“We are very pleased with the award of this new contract, building our position in the prospective Putumayo Basin and increasing our activities under the ANH E&P Contracts. During the first phase we will acquire and interpret data to determine the potential for exploration drilling in the area.”
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