EBR said it would be making a non-renounceable pro rata issue on a one for three basis at nine cents with two attached options.

One of the options would be exercisable at 12 cents in March 31, 2006 with the other exercisable at 12 cents before June 30, 2009.

EBR said it has earmarked $1.3 million for seismic data acquisition across Vic P41 and Vic P47 with $2 million earmarked for the Moby-2 development well. Another $250,000 is to be spent drilling the Gilbert-1 exploration well in Vic P47.

With smaller equities in the Cooper Basin, EBR had budgeted almost one million dollars on 5 back-to-back wells during the coming year.

Eagle Bay currently has 158,098,424 shares on issue plus 100,000 unlisted options.