STU 0.00% 94.0¢ stuart petroleum limited

STU/BPT 3.7m barrells

  1. 1,258 Posts.
    STUART PETROLEUM NL 2002-05-08
    HOMEX - Adelaide

    +++++++++++++++++++++++++
    PEL 90 CANDRA BLOCK, COOPER/EROMANGA BASIN, SOUTH AUSTRALIA

    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 #
    1.

    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
    to:

    * 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
    immediately.
 
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