sp jumps 50 per cent on announcement, page-4

From prospectus:

8.4 Previous Exploration

A 52 hole rotary drilling programme, aggregating 4,525.7 metres was carried out in 1979 to 1980. The aim of the program was to locate economic coal deposits amenable to surface mining.

Outcrop of the formation is rare within AP 277C.

A total of 12 holes were drilled along the strike of the carbonaceous and coal bearing horizon. The drilling has shown the carbonaceous sequence to contain upper and
lower coaly horizons, 14 metres and 9 metres thick respectively. The upper horizon can be correlated throughout the AP area as it contains thicker coal seams up to 1.2 metres thick. Drill hole MS24RC located in the north-west of the area, cored the horizon. Coal core from the hole was submitted for laboratory analysis. The coal is
high volatile and non-coking and is classified as a per-hydrous lignite.

The coal is high volatile and non-coking and is classified as a per-hydrous lignite.

The coal is high volatile and non-coking and is classified as a per-hydrous lignite.

For the lower coal bearing horizon, only four of the twelve holes drilled along the strike length of the Bungil Formation within the are contain greater than 0.5 metres
of coal.

A drilling program should be concentrated near the known coal indications over the 35 kilometre strike length. Coal seams are reported at 1.2 metres in thickness and several other seams have been identified within the tenement ranging from 0.6 to 1.2 metres. Additional offset drilling is required to attain the full width of the deposit.