Emerald Energy Plc - 10 September 2003

Take Up Of Rights Issue

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, CANADA, JAPAN, THE REPUBLIC OF IRELAND, AUSTRALIA, SOUTH AFRICA OR JAPAN

Emerald Energy Plc ("Emerald") announces that it has received valid acceptances in respect of 829,336,135 Rights Shares, representing approximately 56.7 per cent. of the 1,462,844,997 Rights Shares which were offered to shareholders.

The 1 for 1 Rights Issue was announced by Emerald on 18 July 2003 ("Rights Issue") and the Rights Issue closed at 9.30 am on 8 September 2003.

The remaining Rights Shares for which valid acceptances were not received, being 633,508,862 Rights Shares, representing approximately 43.3 per cent. of the 1,462,844,997 Rights Shares, were unable to be placed for the benefit of the non-accepting shareholders. In accordance with the Issue for Cash and Underwriting Agreement Waterford Finance & Investment Limited ("Waterford") have subscribed for this balance of the Rights Shares.

Waterford's beneficial interest in the Company's ordinary shares is 1,876,508,862 representing 44.91 per cent of the Company's share capital, enlarged by the Issue for Cash and the Rights Issue.

New Emerald shares are being credited to CREST accounts today. Definitive share certificates in certificated form will be dispatched by 18 September 2003.

Enquiries:
Emerald Energy Plc
Alastair Beardsall  020 8823 9140

Teather & Greenwood Limited
Christopher Hardie  020 7426 9000
Robert Naylor

Emerald Energy Plc
10 September 2003

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