Trading Commences on Emerald Energy Shares

On July 29, 2004, Emerald Energy announced details of a Placing of 4,591,667 New Ordinary Shares and an Open Offer of up to 5,969,557 New Ordinary Shares at £1.20 per share.

Following the passing of the Resolutions at the EGM held yesterday, 4,178,690,000 Ordinary Shares of 0.1p each have been consolidated to 41,786,900 New Ordinary Shares of 10p each and a further 7,741,094 New Ordinary Shares were issued pursuant to the Placing and the Open Offer at £1.20 per share, raising approximately £9.3 million before expenses for the Company.

49,527,994 New Ordinary Shares of 10p each were admitted to the Official List of the London Stock Exchange today and trading in these shares commenced at 8.00 am.

The total issued share capital of Emerald Energy is comprised of 49,527,994 ordinary shares of 10p each.