Drilling Continues at Jasmine-1

Eagle Bay Resources, as operator, advises that drilling on the JV's fourth wildcat exploration well, Jasmine-1, has run and cemented the 9 5/8" surface casing. The Century Rig-3 is currently drilling ahead with 8 " bit at 1,363 meters. The planned total depth is 2,461 meters.

The Jasmine prospect is a 29MMBO (P10 - if oil is present) stratigraphic play on the underexplored northwest edge of the Cooper Basin, targeting the Permian Patchawarra oil sands as seen 6 kilometers to the south and downdip in the Darter-1 well, drilled by Santos in 1991.

Eagle Bay is the operator of the project with 37.6% interest. Members of the JV are Audax Resources Ltd with 49.9%, Dome Petroleum Resources Plc with 7.5% and Australian Oil Company Ltd with 5.0% interest.

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