Emerald Energy Plc

FOR IMMEDIATE RELEASE

Emerald Energy Plc (“Emerald” or “the Company”)

21 December 2006

Ombu Exploration and Production Contract Award in Colombia

Emerald Energy Plc (“Emerald” or the “Company”) is pleased to announce that it has been awarded a new exploration & production contract (the “Contract”) in Colombia. The Ombu Contract, in which Emerald has a 100% working interest, covers an area of 300 sq. km and is located in the Caguan Basin, to the south-west of the Llanos Basin, in Colombia.

The initial phase of the exploration period is 11 months and the minimum work programme comprises the acquisition of 61 km of new 2D seismic data and the re-processing of 60 km of existing 2D seismic data. If Emerald elects to enter the second phase, the minimum work programme includes the drilling of 1 well to an estimated depth of 5,000 ft.

The Ombu Contract has been awarded by the ANH, the National Hydrocarbon Agency of Colombia, and a copy of the model contract terms can be found on the ANH website (www.anh.gov.co).

Emeralds’ Chief Executive Officer, Angus MacAskill, said:

“We are very pleased with the award of our second ANH E&P Contract in Colombia. The award of this prospective acreage with a petroleum system, proven by historic wells, contributes to the building of an exciting portfolio of exploration opportunities for future growth.”

Enquiries: Helen Manning 020 7925 2440