oil shows continue....nice

plus good Sugarloaf news, this stock has a bright future

ASX RELEASE
4 December 2006
Eureka Energy Limited (ASX:EKA, “Eureka” or “Company”)
KOYUNLU-1 WELL REPORT
Eureka advises that at midnight Eastern European Time on 3 December 2006 the Koyunlu-1 well, located onshore South Eastern Turkey, had reached a depth of 1,252 metres.
Since our last report of the 27 November, casing was run and cemented at 1,215 metres and 32 metres were drilled to present depth of 1,252 metres.
Oil shows continued over the 32 metres in fractured carbonates of the target Garzan Formation, to the present depth of 1,252 metres. The shows were represented by bright yellow streaming cut fluorescence in drill cuttings and small quantities of crude oil were recovered during drilling as films floating on drilling fluid in the drilling fluid tanks. The shows were accompanied by total gas of about 7% over the interval 1,223 metres to 1,252 metres.
While the shows are encouraging their commercial significance will not be known until wire-line logs are run and interpreted and production testing, if warranted, has been carried out.
The well is presently waiting on delivery of well tubulars and operations are not expected to resume until 10th December.
Proposed total depth is 1,380 metres (4,530 feet).