Emerald Energy Awarded Colombian Exploration Contract

Emerald Energy has been awarded a new exploration and production contract in Colombia. The Maranta Contract, in which Emerald has a 100% working interest, covers an area of 365 sq. km and is located north-east of the producing oil fields in the Putumayo Basin in south-west Colombia.

The initial phase of the exploration period will be 18 months and the minimum work program comprises the acquisition of 30 km of new 2D seismic data and the re-processing of 40 km of existing 2D seismic data. If Emerald elects to enter the second phase, the minimum work program includes the drilling of 1 well to an estimated depth of some 11,000 ft.

The Maranta Contract has been awarded by the National Hydrocarbon Agency of Colombia ('ANH').

Emeralds' Chairman, Alastair Beardsall, said:

'We are very pleased with the award of our first ANH E&P Contract in Colombia. The addition of prospective acreage in a proven petroleum system offers further potential to build on the successful development of the Campo Rico, Vigia and Centauro Sur fields in recent years.'