Emerald Energy Plc - 2 July 2004

Trading Update

On 24 June 2004, Emerald Energy plc (the “Company”) entered into a settlement agreement with certain underwriters at Lloyds relating to the claim made by the Company in relation to a fire at the site of the Gigante #1A well in May 2000 (the “Claim”). As a result of the settlement the Company has received US$1.3 million and the Company will drop all claims against the underwriters in relation to the Claim.

Name and telephone number of contacts:
Emerald Energy Plc - Alastair Beardsall - 020 7925 2440
Teather & Greenwood – Mark Dickenson – 020 7426 7713

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