ADX ENERGY LTD — Capital/Financing Update 2007

Dec 23, 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

	Website: www.eaglebayres
Date:	23thDecember 2007
To:	Companies Announcements Office, ASX
Electronic Lodgement:
Subject:	ASX-2JASMINE-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-3, is waiting on Halliburton cement trucks to arrive and cement 9 5/8” surface casing. Local rain has temporarily closed roads – but expected to be re-opened about midday Monday.

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 Sunday 23[th] December 2007 was: Location: PEL-182 Planned Total Depth: 2461 metres (TVD) Current depth: 897 metres (TD) Operation: Waiting on Halliburton Cement trucks

Next 24 Hour operations:

Cement 9 5/8” surface casing, install well head and BOPs

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: 22nd December 2007 at 06:00Depth - TD: 897mStatus: Pulling out of hole prior toSurface running surface casing. 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.750 Wiper trips. POOH. Run casing. Stuck at876m. Wait on roads to open after rains.Mackunda Emily #1 Actual1000Jasmine-1 - PrognosedAllaru Jasmine-1 ActualToolebuc1250WallumbillaDrill 8 1/2" hole with1500 PDC bit and motor.Cadna-OwieMurtaNamur1750WestbourneAdoriBirkhead Change bit2000HuttonDST #1 inPatchawarra Run wireline logs. RunDST's (if required).Poolowana 2250 P&A or C&SWimmaCallamuraToolacheePatchawarraBasement 0 4 8 12 16 202500Depth, m RT----- End of picture text -----