eagle bay chairman on asic charges!, page-8

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