EMERALD RESOURCES NL — Regulatory Filings 2007

Aug 15, 2007

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EMPIRE OIL & GAS NL

(ACN 55 063 613 730)

SUITES 7 & 8 154 HAMPDEN ROAD NEDLANDS 6009 WESTERN AUSTRALIA TELEPHONE 61 8 6389 2687 FACSIMILE 61 8 9386 6812 EMAIL info@empireoil.com.au WEBSITE www.empireoil.com.au\

16 August 2007

ASX Limited Company Announcements Office Level 4 20 Bridge Street SYDNEY NSW 2000

Dear Sirs

RE: EP 104/R1 CANNING BASIN, WESTERN AUSTRALIA – UPDATE ON THE VALENTINE-1 WELL

Please find attached a release on the progress of the Empire Oil & Gas N.L. Canning Basin exploration programme with the drilling of the Valentine-1 exploration well.

Regards

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J L CRAIG MARSHALL Managing Director EMPIRE OIL & GAS N.L.

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VALENTINE-1 DRILLING REPORT CANNING BASIN, WESTERN AUSTRALIA

Date:	16 August 2007	16 August 2007
Permit:	R1
Well Location:	Lat : 17o08’ 23.46”SLong: 123o42’ 32.40”E
Directional offset totarget:	0 metres
Elevation:	Ground Level is 12.1mAMSLRotaryTable is 17.8mAMSL
Prognosed Depths(measured KB):	Top primary objective	Total depth
	3,222 metres	3,407 metres
Prognosed drilling time:	25 days
Spud Date:	1230 hrs,WST 12 August 2007
Present Depth:	644 mMD
Time of Reporting:	0600 hrs,WST 16 August 2007
Operations Since LastReport:	Set 13 3/8” casing at 112m
Current Operations:	Drillingahead 12 ¼” hole
Hydrocarbon indications:	None
Participants in the well(post earning):	Empire Oil and Gas NL - 14.8%ARC Energy Limited - 38.95% (Operator)Emerald Oil & Gas NL - 12.75%Pancontinental Oil & Gas NL - 10.0%Phoenix Resources PLC - 10.0%First Australian Resources Limited - 8.0%Indigo Oil PtyLtd - 5.5%
Comment:	N/A

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