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Emerald Energy Plc ("Emerald") announces that it has received valid
acceptances in respect of 829,336,135 Rights Shares, representing
approximately 56.7 per cent. of the 1,462,844,997 Rights Shares which
were offered to shareholders.

The 1 for 1 Rights Issue was announced by Emerald on 18 July 2003
("Rights Issue") and the Rights Issue closed at 9.30 am on 8
September 2003.

The remaining Rights Shares for which valid acceptances were not
received, being 633,508,862 Rights Shares, representing approximately
43.3 per cent. of the 1,462,844,997 Rights Shares, were unable to be
placed for the benefit of the non-accepting shareholders. In
accordance with the Issue for Cash and Underwriting Agreement
Waterford Finance & Investment Limited ("Waterford") have subscribed
for this balance of the Rights Shares.

Waterford's beneficial interest in the Company's ordinary shares is
1,876,508,862 representing 44.91 per cent of the Company's share
capital, enlarged by the Issue for Cash and the Rights Issue.

New Emerald shares are being credited to CREST accounts today.
Definitive share certificates in certificated form will be dispatched
by 18 September 2003.

Enquiries:

Emerald Energy Plc
Alastair Beardsall                          020 8823 9140

Teather & Greenwood Limited
Christopher Hardie                          020 7426 9000
Robert Naylor

Emerald Energy Plc
10 September 2003


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