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The initial flight of the University of Tasmania balloon-borne X-ray telescope was made from Parkes on Dec. 2, 1976. During the flight, enhanced X-ray emission was observed from the directions of 3U0900-40 (Vela XR-1), GX301-2 and the Galactic Centre. In this paper we report on the performance of the payload during the 11 hour flight and describe the preliminary results thus far obtained.