Emerald Energy Plc - 6 January 2004

Contract

Emerald Energy plc are pleased to announce that it has entered into a contract with Parker Drilling Company International Ltd for the Parker Rig #222 to drill Campo Rico #1, Emerald's first well on the designated area of the Campo Rico Association Contract in the Llanos Basin of Colombia. The well will be drilled up dip and 1 km to the south of Centauro #1, a well drilled in 1986 by Ecopetrol, the Colombian state oil company, that encountered oil.

Parker Rig #222 is currently being mobilised and will commence drilling at the end of January 2004, results are expected by the end of March 2004.

Alastair Beardsall, Emerald Energy's Chairman said "The drilling of this well marks the return of Emerald to being an active developer of oil assets in Colombia. This well is the first phase of Emeralds work program for 2004".

Name of contact and telephone number for queries
Alastair Beardsall - 020 7925 2440

Date of notification
06 January 2004

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