Emerald Energy Plc - 8 March 2004

Drilling Report

Emerald Energy plc is pleased to announce the result of Emerald’s first well on the Campo Rico Association Contract area located in the Llanos Basin of Colombia.

Campo Rico #1, the first exploration well to be drilled by Emerald for several years, has been flow tested at 250 barrels of oil per day, flowing naturally. Emerald plans to complete and produce Campo Rico #1 using a down hole pump, similar to that employed on Gigante #1A, and the Company estimates that an initial production rate in excess of 750 barrels of oil per day will be achieved. Emerald anticipates commencing production from the well within 8 weeks. Emerald currently holds a 100% interest in the Campo Rico Association Contract, subject to the participation rights of Ecopetrol, the Colombian national oil company.

Emerald’s Gigante #1A well on the Matambo Association Contract Area continues to be produced with a jet pump at an average rate of 725 barrels of oil per day. Emerald currently produces the Gigante #1A well on a 100% sole risk basis.

Alastair Beardsall, Emerald’s Chairman said: “We are very pleased that the first well to be drilled by Emerald for several years is a technical and commercial success, we look forward to it being put on production in the near future.”

Enquiries: Alastair Beardsall 020 7925 244

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