EMERALD RESOURCES NL — Capital/Financing Update 2008

Jan 24, 2008

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Level 2, 16 Altona Street, West Perth WA 6005 PO Box 902, West Perth WA 6872 Ph: 08 9482 0510 Fax: 08 9482 0505 Web: www.emeraldoilandgas.com

25 January 2008

Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000

Notice Pursuant to Sec 708A(5)(e)

Notice is hereby given pursuant to Section 708A(5)(e) of the Corporations Act 2001 (“Act”) that on the 23 January 2008 Emerald Oil & Gas NL (“EMR”) issued 4,500,000 shares at 9 cents and 4,500,000 Free Options without a disclosure document being issued to the investor/s under part 6D.2 of the Act.

As at the date of this notice:

• The Company has complied with the provisions of Chapter 2M of the Act as they apply to the Company or it has relief from ASIC is respect to any breaches of Chapter 2M;

• The Company has complied with Section 674 of the Act; and

• There is no “excluded information” within the meaning of that term given in the Act which has not been disclosed to the market.

Yours faithfully

For and on behalf of Emerald Oil & Gas NL

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John Hannaford

Executive Director - Finance