Emerald Energy Plc - 30 April 2003

Preliminary Announcement

Emerald Energy Plc, the UK based oil exploration company, with exploration activities in South America, announces its Preliminary Results for the year ended 31 December 2002.

• The loss for the year was £22.6 million after exceptional items amounting to £21.7 million of which £19.9 million relates primarily to exploration in Colombia on blocks subsequently relinquished. This compares with a loss of £3.8 million for the year ended 31 December 2001. 

• The operating loss excluding all exceptional items for the year under review was £0.9 million compared with £1.1 million the previous year.

• A cost-reduction programme in both London and Bogota has greatly reduced operating losses.

• Directors are currently in discussion with several financial groups regarding proposals relating to future financing.

• Gigante #1A sole risk area and Matambo reserved exploitation area granted by Ecopetrol.

• 45 kilometres of new seismic shot across Campo Rico.

ENQUIRIES:
Emerald Energy Plc
Iain Alexander,
Chief Executive Tel: 020 8823 9140

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