STU 0.00% 94.0¢ stuart petroleum limited

announcment!

  1. 352 Posts.


    Acrasia Oilfield PEL90 Candra Block Cooper Basin SA

    Document date: Thu 20 Jun 2002 Published: Thu 20 Jun 2002 16:46:45
    Document No: 133508 Document part: A
    Market Flag: Y
    Classification: Progress Report
    STUART PETROLEUM NL 2002-06-20 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    Stuart Petroleum, as Operator for the Stuart Petroleum Beach
    Petroleum Joint Venture, wishes to advise as follows :-

    Oil Discovery Acrasia # 1 Stuart Petroleum 75% Beach Petroleum 25%

    * seven inch production casing has been set from surface to 2351
    metres.

    * a 3 metre interval of casing has been perforated opposite oil pay
    in the Triassic Tinchoo Formation from 2188 metres to 2185 metres.
    These perforations have been cleaned up with a flow of 52 barrels of
    oil into surface storage.

    * an 11.5 metre interval of casing has been perforated opposite oil
    pay in the top of the Jurassic Hutton Formation from 1932 to 1920.5
    metres. These perforations have been cleaned up with a flow of 12.3
    barrels of oil into surface storage.

    * a two zone, two packer, single string sequential completion has
    been run. The bottom packer has been set at 2157 metres and the top
    packer has been set at 1900 metres.

    A 900 barrel surface storage capacity comprising 3 x 300 barrel tanks
    with requisite bunding and pipework will be established shortly and
    the following production tests will be carried out:-

    These wells will test targets which the Company ranks highly and the
    results of this programme are expected to have a seminal effect on
    the Company's value and future.

    Production of oil from the Acrasia Oilfield marks Stuart Petroleum's
    transition from oil explorer to oil producer.


    J G Branson
    CHAIRMAN

    MORE TO FOLLOW

    --------

    Acrasia Oilfield PEL90 Candra Block Cooper Basin SA

    Document date: Thu 20 Jun 2002 Published: Thu 20 Jun 2002 17:02:00
    Document No: 133508 Document part: B
    Market Flag: Y
    Classification: Progress Report
    STUART PETROLEUM NL 2002-06-20 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    STUART PETROLEUM NL ON BEHALF OF THE STUART PETROLEUM / BEACH
    PETROLEUM JOINT VENTURE

    PEL 90 Candra Block, Cooper Basin, South Australia

    OIL EXPLORATION APPRAISAL WELL ACRASIA # 2

    PROGNOSIS

    Operator: Stuart Petroleum NL

    Participants: Stuart Petroleum NL 75%
    Beach Petroleum Limited 25%

    Location: Approximately 90 kilometres north of Innamincka
    township, 1.2 kilometres west of Stuart / Beach
    oil discovery Acrasia # 1.

    AMG coordinates 27 deg 13' 58.67" south
    140 deg 59' 03.23" east

    Drilling Contractor: OD & E Pty Ltd, drill rig ODE # 30

    Acrasia Structure: A four-way dip closure in Jurassic (Eromanga
    Basin) and Triassic (Cooper Basin) strata draped
    over a basement high. Acrasia # 1 flowed
    commercial quantities of oil from the Tinchoo
    Formation and recovered significant quantities
    of oil from the Hutton and Birkhead Formations
    on drill stem test in April 2002.

    Target horizons:
    AREA OF PROJECTED DEPTH
    BASIN / UNIT TARGET CLOSURE DOWNHOLE
    RANK (sq km) (m / ft)

    EROMANGA BASIN
    Birkhead Fmn exploration 1.1 1848 / 6063
    Hutton Fmn appraisal 1.1 1921 / 6302
    Poolowanna Fmn exploration 0.15 2090 / 6857

    COOPER BASIN
    Tinchoo Fmn exploration 0.15 2157 / 7077

    Planned drilling & testing:

    - drill 12(1/4") hole into Mackunda Formation

    - set 730m (2395') of 9(5/8") surface casing
    in Mackunda Formation.

    - drill 8(1/2") hole to Birkhead Formation
    and test off bottom if warranted.

    - drill 8(1/2") hole 3m (10') into Hutton
    Formation and drill stem test off bottom

    - drill 8(1/2") hole ahead and test drilling
    breaks and shows in the basal Hutton
    Formation and in the Poolowanna Formation
    if warranted.

    - drill 8(1/2") hole 3m (10') into Tinchoo
    Formation and drill stem test if warranted.

    - drill 8(1/2") hole to economic basement.

    Logs: - run wireline logs.

    Completion: - subject to successful appraisal of the top
    Hutton Formation and / or other sands,
    Acrasia # 2 will be completed as an oil
    producer.

    MORE TO FOLLOW

    --------------------------------------



    Ditto for BPT !!
 
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