EMERALD RESOURCES NL — Director's Dealing 2008

Jan 23, 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

24 January 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 two 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	9 July 2007

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 or indirect interest	Direct or indirect interest		Direct & Indirect	Direct & Indirect	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) Hel	d by Emma Hannafor	d (spouse)
					(c) SecCoro	urities held by Rivervieation Pt Ltd Mr Ha	wnaford is a
					pDirecto	y .r and shareholder. Rele	vant interest
					arises 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 chan	ge			23 Janu	ary 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 Ltd373,529 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 31December 2008750,000 Options exercisable at 30 cents eachexpiring at or before 31December 2009
Class		Ordinary Shares
Number acquired		(a) Nil(b) Nil(c ) 100,000(d)Nil
Number disposed		Nil
Value/ConsiderationNote: If consideration is non-cash, provide details and estimated valuation		$8,000.00
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 Ltd473,529 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 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	On market trades

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 towhich interest related prior tochangeNote: Details are only required for a contract in relationto which the interest has changed
Interest acquired
Interest disposed
Value/ConsiderationNote: If consideration is non-cash, provide details and anestimated valuation
Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 4

11/3/2002