EMERALD RESOURCES NL — Regulatory Filings 2007

Feb 1, 2007

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

1 February 2007

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

AMENDED QUARTERLY CASHFLOW REPORT DECEMBER 31, 2006

Please find attached an amended Appendix 5B Quarterly Cashflow report for the quarter ended December 31, 2006.

The only changes to the Cashflow report lodged on January 31, 2007 are in relation to the number of unlisted options on issue. The correct amounts are 2,000,000 25 cent 31/12/08 options and 2,000,000 30 cent 31/12/09 options, as set out in the amended Appendix 5B as attached.

Yours sincerely,

kī_c< A

JOHN HANNAFORD Director - Finance

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Г

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

Emerald Oil and Gas NL

ABN

009 795 046

Quarter ended ("current quarter")

31 December 2006

Consolidated statement of cash flows

Cash flows related to operating activities			Current quarter \$A'000	Year to date $(6$ months) \$A'000
1.1	Receipts from product sales and related debtors
1.2	Payments for (a) evaluation	exploration and	(97)	(227)
		(b) development (c) production (d) administration	(264)	(493)
1.3	Dividends received
1.4	Interest and other items of a similar nature received		33	69
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other (provide details if material)
	Net Operating Cash Flows		(328)	(651)
1.8	Cash flows related to investing activities Payment for purchases of: (a) prospects	(b)equity
	investments
		other fixed (c)
1.9	assets Proceeds from sale of:	(a)prospects (b)equity
	investments
		(c)other fixed
	assets
1.10	Loans to other entities
1.11	Loans repaid by other entities
1.12	Other (provide details if material)
	Net investing cash flows
1.13	Total operating and investing cash flows (carried forward)		(328)	(651)

⁺ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows (brought forward)	(328)	(651)
	Cash flows related to financing activities	2
1.14 1.15	Proceeds from issues of shares, options, etc. Proceeds from sale of forfeited shares		3
1.16 1.17	Proceeds from borrowings Repayment of borrowings
1.18 1.19	Dividends paid Other - Capital Raising Costs		(437)
1.20	Other - Corporate Fee		(110)
	Net financing cash flows	2	(544)
	Net increase (decrease) in cash held	(326)	(1,195)
1.20 1.21	Cash at beginning of quarter/year to date Exchange rate adjustments to item 1.20	3.071	3,940
1.22	Cash at end of quarter	2,745	2,745

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter SA'000
1.23	Aggregate amount of payments to the parties included in item 1.2	60
1.24	Aggregate amount of loans to the parties included in item 1.10	Nil

1.25 Explanation necessary for an understanding of the transactions

The amount above represents payments to a company associated with John Hannaford. The payments relate to the provision of consulting fees, company secretarial services, accounting and bookkeeping, secretarial services and the provision office accommodation on commercial terms. Some of the payments relate to prior quarters.

Non-cash financing and investing activities

$2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

$N/A$

$2.2$ Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

$N/A$

⁺ See chapter 19 for defined terms.

Financing facilities available
Add notes as necessary for an understanding of the position.

		Amount available \$A'000	Amount used \$A'000
3.1	Loan facilities
3.2	Credit standby arrangements

Estimated cash outflows for next quarter

4.1	Exploration and evaluation	\$A'000 775
-4.2	Development
	Total	775

Reconciliation of cash

Reconciliation of cash at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current quarter \$A'000	Previous quarter \$A'000
Cash on hand and at bank 5.1		2,745	3,070
5.2	Deposits at call
5.3	Bank overdraft
5.4	Other (provide details)
	Total: cash at end of quarter (item 1.22)	2,745	3,070

Changes in interests in mining tenements

		Tenement reference	Nature of interest (note (2))	Interest at beginning of quarter	Interest at end of quarter
-6.1	Interests in mining tenements relinquished, reduced or lapsed	n/a	n/a	n/a	n/a
6.2	Interests in mining tenements acquired or increased	n/a	n/a	n/a	n/a

$+$ See chapter 19 for defined terms.

Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	price Issue	Amount paid up per
				per security (see note 3)	security (see note 3)
				(cents)	(cents)
7.1	Preference
	*securities
	(description)
7.2	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases
	through returns of
	capital, buy-backs,
	redemptions
7.3	+Ordinary	45,612,549	33,173,247
	securities
7.4	Changes during
	quarter (a) Increases	5,872	5,872	20 cents	20 cents
	through issues
	(b) Decreases
	through returns of
	capital, buy-backs
7.5	+ Convertible debt
	securities
	(description)
7.6	Changes during
	quarter
	(a) Increases
	through issues
	(b) Decreases through securities
	matured,
	converted
7.7	Options			Exercise price	Exercise date
	(description and	27,237,451	27,237,451	20 cents	31/05/08
	conversion factor)	367,577		17.68 cents	23/01/11
		2,000,000		25 cents	31/12/08
		2,000,000		30 cents	31/12/09
		1,500,000		25 cents	28/02/10
		325,000		25 cents	31/12/09
7.8	Issued during quarter
7.9	Exercised during			Exercise price	Exercise date
	quarter	5,872	5,872	20 cents	31/05/08
7.10	Expired during
	quarter
7.11	Debentures
	(totals only)
7.12	Unsecured notes
	(totals only)

⁺ See chapter 19 for defined terms.

Compliance statement

• $\mathbf{I}$ This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to $ASK$ (see note 4).
• $\overline{2}$ This statement does /does not* (delete one) give a true and fair view of the matters disclosed.

_ a k

Sign here:

(Director/Company secretary)

Date: 31 January 2007

Print name: John Hannaford

Notes

• $\mathbf{l}$ The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• $\overline{2}$ The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities.
• $\overline{4}$ The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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⁺ See chapter 19 for defined terms.