EMERALD RESOURCES NL — Major Shareholding Notification 2008

Feb 24, 2008

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

25 February, 2008

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

NOTICE OF CEASING TO BE A SUBSTANTIAL SHAREHOLDER

Please find attached a form 605 “Notice of ceasing to be a substantial holder” for Emerald Oil and Gas NL.

Thank you.

Yours faithfully,

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Morgan Barron Company Secretary

Form 605

Corporations Act 2001 Section 671B

Notice of ceasing to be a substantial holder

To Company Name/Scheme Emerald Oil and Gas NL________________________________________ ACN/ARSN 009 795 046_________________________________________________

1. Details of substantial holder (1)

Name Robert Berven – Zadar Holdings Pty Ltd – Beverly Berven – Berven Consultants Pty Ltd ACN/ARSN (if applicable) Zadar Holdings Pty Ltd 453 429 858

The holder ceased to be a substantial holder on 23 /01 /08 The previous notice was given to the company on 03 /07 /06 The previous notice was dated 03 /07 /06

2. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest (2) of the substantial holder or an associate (3) in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whoserelevant interestchanged	Name ofchange (4)	Considerationgiven in relation tochange (5)	Class (6) andnumbers ofsecurities affected	Person’s votesaffected
		Dilution due toplacement

3. Changes in association

The persons who have become associates (3) of, ceased to be associates of, or have changed the nature of their association (7) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable) Nature of association

4. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Robert BervenBeverly BervenZadar Holdings Pty LtdBerven Consultants Pty Ltd	25 Oxcliffe Road, Doubleview, WA, 6018

Signature

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----- Start of picture text ----- print name ____Robert Berven_____________capacity:_Director of Zadar Holdings Pty Ltdsign here date 25 / 2 / 2008----- End of picture text -----

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 4 of the form.

• (1) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) Include details of:

  • (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

  • (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (4) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (5) The voting shares of a company constitute one class unless divided into separate classes.

• (6) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.