EMERALD RESOURCES NL — Director's Dealing 2008

May 7, 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

08 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	24 January 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		07 May 2008

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

11/3/2002

				No. of securities held prior to	change			Dire	ctJohn Hannafo8,042 Ord Shar	rdes
								(a) 1,18
								Indi	rect
								(b) 1,18	Emma Hannaf8,042 Ord Shar	ord (spouse)es
								(c) Riverview Corporation Pty Ltd473,529 Ord Shares100,000 Listed Options exercisable at 20cexercisable on or before 31/05/08
								(d)1	Ventnor Capiti	al Pty Ltdibl 2
								,5	0,000 Optonseach exFebruar	exercsae atpiring at or befory 2010	centse 28
								750,000 Options exercisable at 25 cents eachexpiring at or before 31December 2008750,000 Options exercisable at 30 cents eachexpiring at or before 31December 2009
				Class				Ordinary Shares
				Number acquired				(a) Nil(b) Nil(c ) 241,315(d)Nil
				Number disposed				Nil
				Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation				$36,197.25
				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 Ltd714,844 Ord Shares100,000 Listed Options exercisable at 20cexercisable on or before 31/05/08

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change (Cont’d)
	(d) Ventnor Capital Pty Ltd
	1,500,000 Options exercisable at 25 cents
	each expiring at or before 28
	February 2010
	750,000 Options exercisable at 25 cents each
	expiring at or before 31
	December 2008
	750,000 Options exercisable at 30 cents each
	expiring at or before 31
	December 2009
Nature of change	On market trade
Example: on-market trade, off-market trade, exercise of options, issue of
securities under dividend reinvestment plan, participation in buy-back

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.

Detail of contract	N/A
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to
which interest related prior to
change
Note: Details are only required for a contract in relation
to which the interest has changed
Interest acquired
Interest disposed
Value/Consideration
Note: If consideration is non-cash, provide details and an
estimated valuation
Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 4

11/3/2002