NEL

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Nova Energy Limited is engaged in the exploration of uranium deposits in Australia and Africa. The Lake Way and Centipede Uranium Project is the Company's development project in Western Australia. The Company completed a scoping study that confirmed the financial viability of the Lake Way and Centipede uranium deposits. The Company's exploration projects are at Meekatharra, Grass Patch, Lake Mackay, Coober Pedy, Amadeus Basin. The Company was granted four exploration tenements over uranium occurrences covering an area of 858 square kilometers in guinea, West Africa. The tenements are located in northern Guinea, bounded to the north and east by the Senegal and Mali borders, respectively. During the fiscal year ended June 30, 2006, the Company acquired Allarrow Pty Ltd and Agincourt Resources Limited.


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