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Todays update

  1. I saw the below announcement as positive, for STU with regard to some revenue over the next six months and possibly and upgrade in the reserves of the Arcasia field. It seems these boys know what they are doing and the patience is going to pay off for them. Any other comments out there from STU followers?

    Acrasia Oil Field-Production Off-take Agreement/updates

    Document date: Thu 18 Jul 2002 Published: Thu 18 Jul 2002 10:17:48
    Document No: 133705 Document part: A
    Market Flag: Y
    Classification: Progress Report
    STUART PETROLEUM NL 2002-07-18 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    PRODUCTION AND APPRAISAL UPDATE

    Stuart Petroleum and Beach Petroleum have executed an Off-take
    Agreement for the sale of Acrasia light crude oil to Santos Limited
    and partners, for 2 period of six months.

    Production during the long term testing of Acrasia structure is
    scheduled at up to a combined 800 barrels of oil per day.
    Responsibility for transport of the oil to the Moomba facilities
    resides with the purchaser.

    Acrasia #1 production testing has commenced. The Hutton Formation
    test has been completed, and testing of the Tinchoo Formation has
    commenced. This will be followed by extended testing for a period of
    up to six months. Acrasia #2 has been cased and suspended for future
    completion and production, and OD & E Rig 30 released.

    Interpretation of the electric logs and drill stem test charts
    indicates the influx of water recorded in DST No 2 over a section of
    the Tinchoo Formation co-incided with packer failure. The test flowed
    46 degrees API oil to surface at a rate of 620 barrels of oil per day
    (through a (1/2") choke for 50 minutes) prior to packer failure.
    Accordingly, a clean oil flow is anticipated when this zone is
    production tested.

    An updated Acrasia Oil Field resource estimate is in progress,
    incorporating the results of Acrasia #2.

    An important well result was the 11 metres high to prognosis. This
    could impact favourably on the volume of oil attributable to the
    formation across the Acrasia structure.

    The completion of an off-take agreement and the commencement of
    production testing heralds an inaugural revenue stream for the
    Company less than four months after spudding its first well.

    J Branson
    CHAIRMAN

    Enquiries regarding this report and company business may be directed
    to:

    Rod Hollingsworth
    Level 7
    22 King William Street
    Adelaide
    South Australia 5000
    Telephone: (08) 8410 0611
    Fax: (08) 8410 0250
    email: [email protected]

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