Emerald Sees Production Rise from Colombian Field as Drilling Continues

Emerald Energy has drilled Vigia #3 in Colombia to a measured depth of 11,070 ft. The well has been logged and potential zones for oil production identified in both the Une and Lower Gacheta formations. Saxon Rig #222 (formerly Parker Rig #222) has run casing and is preparing to run a completion string after which Rig #222 will move and drill Sulfide #1, an exploration well on Emerald's Fortuna block.

The production test of the Vigia structure is under way and well Vigia #1 is being produced at a reduced rate while larger gathering and separation facilities are constructed; these are expected to be operational by mid Q4 2005. Vigia #2 and Vigia #3 will be flow tested and put on production when gathering and separation capacity is available.

The seismic, geological, and production dataset for the Vigia field is being interpreted and when complete the Company will instruct their independent engineers to complete a reserves report for the Vigia field.

The Company is currently producing approximately 3,700 barrels of oil per day.

Alastair Beardsall, Emerald's Chairman, said: "This 3rd well drilled into the Vigia structure will add further to the Company's production growth. The workovers of Campo Rico #2 and #3 are completed and the Company is currently producing from 5 wells and we expect to increase this to 7 as soon as the enlarged facilities at Vigia are completed"