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    PEL 90 Candra Block Cooper Basin SA

    Document date: Mon 08 Jul 2002 Published: Mon 08 Jul 2002 11:51:41
    Document No: 133638 Document part: A
    Market Flag: Y
    Classification: Progress Report
    STUART PETROLEUM NL 2002-07-08 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    PEL 90 CANDRA BLOCK
    COOPER BASIN SOUTH AUSTRALIA
    STUART PETROLEUM / BEACH PETROLEUM JOINT VENTURE

    ACRASIA # 2

    As Operator for the Stuart Petroleum / Beach Petroleum Joint Venture,
    Stuart Petroleum wishes to advise that the Joint Venture's second
    well on the block, Acrasia # 2, has been successful and will be
    completed for production from the Tinchoo Formation and the Paning
    Formation.

    A full suite of electric logs were run over the weekend with the
    following results:-

    * 5 metres of oil pay was logged in the Triassic Tinchoo Formation
    of the Cooper Basin succession.

    * 3 metres of oil pay was logged in the basal Triassic Paning of the
    Cooper Basin Arrabury Formation above a poorly defined oil water
    contact.

    Acrasia # 2 is currently being cased for production from the above
    oil saturated sands and the well will be placed on production test as
    soon as practicable. ODE rig #30 is expected to be released from
    Acrasia # 2 on tomorrow, 9 July.

    Both the Tinchoo Formation and the Hutton Formation (which is
    productive in Acrasia # 1 but unproductive in Acrasia # 2) were
    intercepted high to prognosis in Acrasia # 2 - in the case of the
    Tinchoo Formation, 7.5 metres high to prognosis. This is an important
    result which may impact favourably on the volume of oil which will
    ultimately be producible from the Acrasia structure.

    An updated estimate of the total Acrasia oil resource will be
    prepared for release to ASX when the requisite geophysical mapping
    has been completed.

    ACRASIA # 1 PRODUCTION TESTING

    As previously advised, Acrasia # 1 has been completed for production.
    Commencement of Production Testing and transport of oil to point of
    sale has been delayed while new regulatory requirements were met.
    These requirements have now been satisfied and 1000 barrel tank farm
    has been established. Acrasia # 1 is scheduled to begin production
    later this week at an initial rate of 500 barrels per day rising to
    1000 barrels per day over the first several weeks of the production
    test period.

    COMMENTARY

    Drilling of Acrasia # 1 and # 2 has resulted in oil flows from five
    horizons, as set out below:-

    * Birkhead Formation Acrasia # 1
    * Hutton Formation Acrasia # 1
    * Tinchoo Formation (upper sand) Acrasia # 1
    * Tinchoo Formation (middle sand) Acrasia # 2
    * Paning Member Acrasia # 2

    In addition, oil shows were noted in the basal Hutton and in the
    Poolawanna Formation in Acrasia # 1 and these sands will be
    investigated further in that well.

    STUART PETROLEUM DRILLING PROGRAMME
    PELA 102
    COOPER BASIN, SOUTH AUSTRALIA

    Stuart Petroleum wishes to advise that it proposes to spud the well
    Doriemus #1 early next month, subject to grant of Petroleum
    Exploration Licence 102 by the South Australian Government. This will
    be a 100% Stuart Petroleum well and will be drilled for gas targets
    in the Toolachee and Patchawarra Formations of the Cooper Basin.

    STUART PETROLEUM / COOPER ENERGY JOINT VENTURE
    PEL 93
    COOPER BASIN, SOUTH AUSTRALIA

    Doriemus will be followed by drilling of Warrior # 1 in PEL 93 in
    joint venture with Cooper Energy NL (Stuart Petroleum retaining 70%
    interest, Cooper Energy earning 30% interest). This well is scheduled
    to be drilled in September and will target oil in the Namur Formation
    of the Eromanga Basin and oil in Cooper Basin strata.

    STUART PETROLEUM 1 COOPER ENERGY JOINT VENTURE
    PEL 90 MARIBU BLOCK
    COOPER BASIN, SOUTH AUSTRALIA

    Following Warrior # 1, Stuart proposes to drill Paning # 2 in PEL 90
    Maribu Block in joint venture with Cooper Energy (Stuart retaining
    75% interest, Cooper earning 25% interest). This well will target
    gas-saturated sands identified by earlier drilling in the basal
    Epsilon, Toolachee, Patchawarra and Tirrawarra Formations. This well
    is scheduled to spud in October this year.

    Stuart has now drilled two exploration wells, both of which have been
    successful and will become oil producers.

    J G Branson

 
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