Following the $10 million capital raising, completed prior to the company relisting on 8 October 2008, Bandanna is focused on coal exploration drilling in the Springsure Creek EPC 891 area where the Company has received very positive results to date. Additional coal exploration drilling is also planned in the Arcadia region to the south (EPC 892 and 1204) and in the north where initial drilling will be undertaken in the Wanella project area (formerly Spring Creek - EPC 1197).
In the Alpha project area over 14,000 metres has been drilled by AMCI, as part of their farmin work program, to assess the presence and quality of coal seams across the eastern flank of the Galilee Basin. Once this drilling campaign is completed it should enable the determination of a resource base during the first quarter of 2009.
In the Dingo West Project area Macarthur Coal is currently also drilling and under the terms of its farmin agreement, released to the ASX on 23 May 2008, it needs to establish a 40 million tonne measured resource b y the end of Q1 2009 in order for it to meet the first phase milestone of its farmin.
Exploration activity in the Company's oil and gas interests are largely focused on its southwestern Queensland and Patchawarra Trough areas in the Cooper Basin. Recently a small seismic survey was recorded in ATP 539 as part of a farmin obligation. This survey will assist in delineating potential drilling locations on the Curalle Anticline, a regional structural high which is considered to be a focal point for migration of hydrocarbons.