EBR 2.20% 93.0¢ ebr systems inc.

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    VANESSA-1: PEL-182 COOPER BASIN S.A.
    Eagle Bay Resources advises that three drill stem tests have been run across the
    Epsilon and Toolachee Formations with the following results:

    DST #1A Epsilon Fm 29-7 Sand Test Interval 2977.1m ­ 2980m:
    Flowing Pressure 800 PSI on ½" Choke. Estimated Final Rate - Gas at 4.4 MMscfd
    Gas Composition: C1/C2/C3/C4/C5 86/11/2/1/tr Some CO2

    DST #1B Epsilon Fm 29-6 Sand Test Interval 2960.2m ­ 2693m:
    No flow after 15 min. Suspected tool malfunction.

    DST #1C Toolachee Fm 29-25 Sand Test Interval 2929.0m ­ 2931.8m:
    Flowing Pressure 525 PSI on ½" choke Estimated Final Rate - Gas at 2.8 MMscfd
    Gas Composition: C1/C2/C3/C4/C5 77/16/5/2/tr Some CO2. Logged sand
    thickness + 10 meters.

    Based on these results, production casing will be run and the well suspended pending
    completion as a possible gas producer at a later date.
    Current operations are attempting to pull out of the hole with the test tools.
 
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