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STU 94.0¢

Some Imformation i have gathered

  1. gyro

    5,426 Posts.

    ASX Code: STU
    ORDINARY FULLY PAID Industry Group Oil & Gas Exploration & Production –
    Shares on Issue 58,370,000
    Market Cap ($) 42,026,400

    Reason for rise to current price:

    1. 3,700,000 barrels of oil at 25 USD equals 92,500,00 USD Stuart’s share is 75% of that 69,375,000 USD or 121 710 526 AUD.

    2. Stuart Petroleum's Operations Director, Mr Rod Hollingsworth, said today that initial oil production from the Acrasia-1 field would be at a rate of about 500 barrels a day (bopd) building to 1,000 bopd.
    Gyro Maths: $25 USD per barrel equals $43 AUD at 57c
    500 by $43 AUD equals $21 500 per day AUD or 7.8 Million per year 75% equals $5.85 million increasing to 11.7 million at 1000 barrels per year.
    Total current resource 3 700 000 barrels divide by 365 000 barrels per year 10.1 years



    As Operator for the Stuart Petroleum / Beach Petroleum Joint Venture,
    Stuart Petroleum wishes to advise the results of first stage analysis
    of the drilling and testing of Acrasis # 1:

    * the drilling of Acrasia # 1 has indicated a resource of
    approximately 3.7 million barrels of oil in place, and

    * there is potential to increase the oil resource estimate in the
    Acrasia structure by the drilling of another well west of Acrasia #

    Accordingly, the Joint Venture has decided to drill a second well on
    the Acrasia structure, the appraisal well Acrasia # 2, located 1.2
    kilometres west of Acrasia # 1. The objective of this well will be

    * increase the estimate of total oil-in-place in the Acrasia
    structure, and to

    * serve as a second take off point for production purposes.

    Production testing of Acrasia # 1 is scheduled to begin within two to
    three weeks and once this operation is underway the 0 D & E rig #30
    will be moved to the Acrasia # 2 site to commence drilling

    3,700,000 barrels of oil at 25 USD equals 92,500,00 USD Stuarts share is 75% of that 69,375,000 USD or 121,710,526 AUD.

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