Emerald Energy Spuds Campo Rico #2 Well

Emerald Energy has commenced drilling the Campo Rico #2 development well in the Campo Rico block in the Llanos basin of Colombia.

The well will be drilled approximately 800 meters from the Campo Rico #1 discovery well; Parker 222 drilling rig will then drill Campo Rico #3 and then move 11 km to drill the Vigia exploration prospect.

Alastair Beardsall, Emerald's Chairman, said: 'The funds that we raised in August have enabled Emerald to commit to an accelerated drilling program in Colombia. The two new development wells in the Campo Rico Field should provide a significant boost to our oil production early in 2005. We are also very positive about the prospects for the Vigia exploration well, which is being drilled on a structure similar to that of Campo Rico.'

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