EMERALD RESOURCES NL — Director's Dealing 2008

May 19, 2008

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Level 2, 16 Altona Street West Perth WA 6005 Ph: 08 9482 0500 Fx: 08 9482 0505 Email: info@emeraldoilandgas.com www.emeraldoilandgas.com

20 May 2008

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

APPENDIX 3Y – CHANGE OF DIRECTORS INTEREST NOTICE

Please find attached Appendix 3Y “Change in Director’s Interest Notice” for Emerald Oil & Gas NL.

Yours faithfully,

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Morgan Barron Company Secretary

Appendix 3Y Change of Director’s Interest Notice

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity EMERALD OIL & GAS NL ABN 72 009 795 046

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	John Andrew HANNAFORD
Date of last notice	07 May 2008

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest		Direct & Indirect
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving rise to the relevantinterest.		Direct(a) Held by John HannafordIndirect(b) Held by Emma Hannaford (spouse)(c) Securities held by RiverviewCorporation Pty Ltd. Mr Hannaford is aDirector and shareholder. Relevant interestarises under Section 608(3) of theCorporations Act.)(d) Securities held by Ventnor Capital PtyLtd. Mr Hannaford is a Director andshareholder. Relevant interest arises underSection 608(3) of the Corporations Act.)
Date of change		19 May 2008

• See chapter 19 for defined terms. Appendix 3Y Page 2

11/3/2002

No. of securities held prior to change	Direct(a) John Hannaford1,188,042 Ord SharesIndirect(b) Emma Hannaford (spouse)1,188,042 Ord Shares(c) Riverview Corporation Pty Ltd714,844 Ord Shares100,000 Listed Options exercisable at 20cexercisable on or before 31/05/08(d) Ventnor Capital Pty Ltd1,500,000 Options exercisable at 25 centseach expiring at or before 28February 2010750,000 Options exercisable at 25 cents eachexpiring at or before 31 December2008750,000 Options exercisable at 30 cents eachexpiring at or before 31 December2009	Direct(a) John Hannaford1,188,042 Ord SharesIndirect(b) Emma Hannaford (spouse)1,188,042 Ord Shares(c) Riverview Corporation Pty Ltd714,844 Ord Shares100,000 Listed Options exercisable at 20cexercisable on or before 31/05/08(d) Ventnor Capital Pty Ltd1,500,000 Options exercisable at 25 centseach expiring at or before 28February 2010750,000 Options exercisable at 25 cents eachexpiring at or before 31 December2008750,000 Options exercisable at 30 cents eachexpiring at or before 31 December2009
Class		Ordinary Shares
Number acquired		100,000 Ord Shares via the exercise of100,000 20 cent May 31 2008options.
Number disposed		100,000 Listed 20 cent May 31 2008 options.
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation		$20,000
No. of securities held after change		Direct(a) John Hannaford1,188,042 Ord SharesIndirect(b) Emma Hannaford (spouse)1,188,042 Ord Shares(c) Riverview Corporation Pty Ltd814,844 Ord Shares

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change (Cont’d)	(d) Ventnor Capital Pty Ltd1,500,000 Options exercisable at 25 centseach expiring at or before 28February 2010750,000 Options exercisable at 25 cents eachexpiring at or before 31December 2008750,000 Options exercisable at 30 cents eachexpiring at or before 31December 2009
Nature of changeExample: on-market trade, off-market trade, exercise of options, issue ofsecurities under dividend reinvestment plan, participation in buy-back	Exercise of Optionsj

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

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----- Start of picture text ----- Detail of contract N/ANature of interestName of registered holder(if issued securities)Date of changeNo. and class of securities towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changedInterest acquiredInterest disposedValue/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuationInterest after change----- End of picture text -----

• See chapter 19 for defined terms.

Appendix 3Y Page 4

11/3/2002