eagle bay chairman on asic charges!, page-7

re: rained out...... preopen 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

th
Date: 16 January 2006
To: Companies Announcements Office, ASX
Electronic Lodgement:
Number of pages: 2

ANNOUNCEMENT TO ASX

DRILLING RELEASE 6: 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 Lower
Hutton Sandstone in 8 ½” hole. A fair oil show was noted in the Primary Objective at the Basal Birkhead/Top
Hutton? at 1901.5m. This zone warrants testing at Emily-1.

Rain in the area has closed all roads and prevented the testing equipment arriving at the Emily-1 location in
time to run a bottom hole drill stem test (DST) over this section as was originally planned. This zone will now
be evaluated by wireline logs and a possible post logging straddle Drill Stem Test.

th
The status of Emily-1 at 06:00 hrs (CST) on 16 January 2006 was:
Location: PEL-182
Planned Total Depth: 2364 metres (TVD)
Current Depth: 2027 metres - in Hutton SS.
Operation: Drilling ahead in 8 ½” hole.
th
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