ADX ENERGY LTD — Capital/Financing Update 2007

Dec 30, 2007

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Company Announcement

ACN 051 212 429

Suite 3 First Floor, 610 Murray St West Perth Telephone: (08) 9481 3322 PO Box 913 West Perth Western Australia 6872 Facsimile: (08) 9481 3330 Website: www.eaglebayresources.com.au Date: 31st December 2007 To: Companies Announcements Office, ASX Electronic Lodgement: Subject: ASX-7 JASMINE-1 Drilling Update PEL-182 JV Cooper Basin S.A. Number of pages: 2

JASMINE-1: PEL-182 COOPER BASIN S.A.

Eagle Bay Resources, as operator, advises that the JV’s fourth wildcat exploration well Jasmine-1 drilling with Century Rig-3is currently drilling ahead at 2389m. No shows were noted while drilling the Patchawarra Formation which was the primary objective. A very poor hydrocarbon show was noted from the top of the Merrimellia formation. All formations will be further evaluated by wireline logs. Drill stem tests may then be run if required to evaluate any log anomalies.

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

The status of Jasmine-1 at 06:00 hrs (CST) on Monday 31[st] December 2007 was: Location: PEL-182 Planned Total Depth: 2461 metres (TVD) Current depth: 2389 metres (TD) Operation: Drilling ahead.

Next 24 Hour operations:

Drill to TD. Wiper trip. POOH and run wireline logs.

The participants in the PEL-182 joint venture are: Eagle Bay Resources NL 37.6% (operator) Audax Resources Ltd 49.9% Dome Petroleum Resources Plc 7.5% Australian Oil Company Ltd 5.0%

BY ORDER OF THE BOARD OF EAGLE BAY RESOURCES N.L.

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----- Start of picture text ----- DAYS FROM SPUD0Rig MoveJASMINE-1 PEL-182Planned depth: 2461m TVRT250 Spud date: 19th December 2007 at 18:30Date: 31st December 2007 at 06:00Depth - TD: 2389mStatus: Drilling aheadSurface NOTE: Time depth curve is and Winton for planning purposes only and500Drill 12 1/4" hole to 897m must not be used to judgewith re-run tooth bit. performance.Wiper trips. POOH. Run casing. Stuck at 876m. Wait on roads to750 open after rains. Free casing. Cement casing with shoe at 894m.WOC.Nipple up and test BOP's. M/U new BHA and RIH.Mackunda Emily #1 Actual1000Jasmine-1 - PrognosedAllaru Jasmine-1 ActualToolebuc1250 Drill 8 1/2" hole withPDC bit and motor.WallumbillaBit balled up. POOH,1500 unball bit and RIH.Cadna-OwieMurta Drill 8 1/2" hole withNamur PDC bit and motor.1750WestbourneAdoriBirkhead2000 DST #1Patchawarra(May be run postHutton logging)Change bitRun wireline logs. Run(If required)DST's (if required).Poolowana 2250 P&A or C&SWimmaCallamuraToolacheePatchawarraBasement 0 4 8 12 16 202500Depth, m RT----- End of picture text -----