Emerald Energy Plc - 12 October 2004

Drilling Contract

Emerald Energy Plc (“Emerald” or the “Company”) is pleased to announce that it has entered into a three-well contract with Parker Drilling Company International Ltd for the Parker Rig #222

Rig #222 will commence drilling the Campo Rico #2 well in early November 2004. The Campo Rico #2 and #3 wells will be drilled directionally from the site of the Campo Rico #1 well that has been on production since May 2004. Rig #222 will then drill the Vigia #1 exploration well on the Vigia prospect (formerly referred to as the Cimarron prospect) within the Campo Rico Block, 11 km from the producing Campo Rico field.

Alastair Beardsall, Emerald’s Chairman, said: “The back-to-back drilling of these three new wells in the Campo Rico Block enables Emerald to save on the overall drilling costs and rapidly consolidate the drilling success achieved earlier in the year”.

Emerald is currently producing in excess of 1800 barrels of oil per day from its two producing wells: the Campo Rico #1 well in the Campo Rico Block and the Gigante #1A well in the Matambo Block, located in the Llanos and the Upper Magdalena basins of Colombia, respectively.

Press enquiries:
Alastair Beardsall, Chairman and Chief Executive -- 020 7925 2440

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