Abstract: Provided is a water-in-oil explosive emulsion composition having a 1/2 cartridge gap sensitivity of at least about three inches, yet a water content of at least about 10 percent by weight. The composition comprises an emulsion matrix of a hydrocarbon or carbonaceous fuel component, at least one inorganic oxidizer, an emulsifier and water in an amount of at least about ten percent by weight of the emulsion matrix. In addition to the emulsion matrix, the composition further comprises from 1 to 12 weight percent of a water insoluble sensitizer and sufficient density control agent such that the density of the composition is at least 1.0 g/cc. The resulting composition exhibits excellent sensitivity in combination with excellent stability. Another advantage of the resulting composition is that it exhibits an improved ability to withstand underwater wave compression (dead pressness) which often results in total failure of any explosive in the near vicinity.