COLOMBIA: EXPLORATION & NEW VENTURES

Emerald’s strategy for its exploration programme in Colombia is to focus on material prospectivity in contracts with attractive fiscal terms. Under this strategy, the Company has added new contracts to the portfolio, has conducted seismic acquisition in these contract areas, and has commenced drilling activity. The Company continues to add further contract areas with one in 2008 and two in 2009. This strategy will increase the potential to add further production to the Group’s portfolio in the medium term, building on the success already achieved.