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eagle bay chairman on asic charges!, page-8

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    re: oops ...... preopen Sorry wrong day....oops
    here is todays..



    ACN 051 212 429

    First Floor, 14 Outram Street, West Perth WA 6005 Telephone: +61 8 9481 3322
    PO Box 913 West Perth WA 6872 Facsimile: +61 8 9481 3330

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    Date: 17 January 2006
    To: Companies Announcements Office, ASX
    Electronic Lodgement:
    Number of pages: 2

    ANNOUNCEMENT TO ASX

    DRILLING RELEASE 7: EMILY#1
    PEL-182, COOPER / EROMANGA BASIN S.A.

    Eagle Bay Resources advises that the Emily-1 oil and gas exploration well is drilling ahead in the Upper
    Tinchoo Formation in 8 ½” hole. No significant shows were recorded from the Poolowanna Formation (the
    second main objective) or the top of the Tinchoo Formation. Both these zones will be further evaluated by
    wireline logs.

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    The status of Emily-1 at 06:00 hrs (CST) on 17 January 2006 was:
    Location: PEL-182
    Planned Total Depth: 2364 metres (TVD)
    Current Depth: 2186 metres – in Tinchoo Fm.
    Operation: Drilling ahead in 8 ½” hole.
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    Spudded: 23:00 hrs 7 January 2006

    Participants in the Emily-1 well are:
    Eagle Bay Resources (Operator) 37.6%
    Audax Resources Ltd 39.9%
    White Sands Petroleum Ltd 10.0%
    Australian Oil Company No2 P/L 12.5%
    Rig: Century Rig-18
    Target Strata: Hutton SS
    Poolowanna SS
    Tinchoo SS

    Yours sincerely





    ________________
    TONY RECHNER
    DIRECTOR
 
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