Emerald Energy Plc

FOR IMMEDIATE RELEASE

27 February 2007

Centauro Sur Reserves

Emerald Energy Plc (“Emerald” or the “Company”) would like to provide the following update on the Centauro Sur field in the Campo Rico Association Contract area in the Llanos basin in Colombia.

RPS Energy has completed an independent reserves evaluation of the Centauro Sur field using standard petroleum engineering techniques combining geological and production data with reservoir fluid characteristics and pressure information. Their reserve and resource estimates are based on the joint reserve definitions of the Society of Petroleum Engineers, the World Petroleum Congress and the American Association of Petroleum Geologists, which are widely used in the petroleum industry.

The Proved plus Probable ultimate oil recovery of the field has been estimated at 694 thousand barrels. The Proved plus Probable plus Possible ultimate oil recovery of the field has been estimated at 964 thousand barrels.

The Centauro Sur field was discovered in April 2006 with the Centauro Sur No.1 well, which was put on production by the end of April 2006. A second well, Centauro Sur No.2, was drilled and commenced production in July 2006. The two wells currently have a combined oil production rate of about 700 bopd.

A flow line has been installed between the Centauro Sur field and the Campo Rico field production facilities so that the fluids may be gathered and processed cost-effectively using the existing facilities.

Emeralds’ Chief Executive Officer, Angus MacAskill, said:

“We are very pleased to have been able to use our experience in the Campo Rico block to discover additional reserves and develop them effectively using the existing production facilities. The Centauro Sur field is our third field discovery in this block and we are continuing to identify additional opportunities within the block.”

Enquiries: Helen Manning 020 7925 2440