cooper basin drilling cleared, page-4

I gleaned the following info re Cooper drilling rig delays from the latest AuDax qtr report. I'm a little worried about the possibility of White Sands Petrolium thinking about an IPO before commencing the Cooper Drilling. If they do go down that path it could be another six months before drilling commences as they will have to get a prospectus cleared by the ASX etc before they even begin the IPO process, and what happens if the float sinks?? Certeinly some muddy waters there before drilling starts. At least AuDax and EBR are ready to go when White Sands gets its act togeather. Poor old GOP have been waiting quite awhile for White Sands to get its rig in place and not there will be even more delay for them!

AuDAx report follows.....
Proposed Drilling Operations – Drill up to 5 wells in 2005 with new drill rig imported from
Stavanger, Norway.
• AuDAX and Eagle Bay Resources have contracted driller White Sands Petroleum Pty Ltd
which has imported a rig to drill 5 wells on PEL182 in the Cooper Basin.
• White Sands Petroleum shall earn 10% equity from AuDAX by meeting 20% of costs.
• White Sands is currently considering an IPO to raise the required working capital prior to
commencing the drilling.
• Modifications necessary to ensure the drill rig meets all required Australian standards are
in progress.
• Eagle Bay and AuDAX have purchased A$1.5m of casing for this 5 well program which is
currently on location at Innamincka in central Australia.