Stuart Petroleum Outlines 2004 Drilling Program

Stuart Petroleum says its 2004 drilling program will commence with the spudding of Galilee #1 in the PEL 90 Candra Block next week. All seven of these wells are located in Australia's Cooper Basin.

Stuart Petroleum's 2004 program consists of a minimum of five exploration wells and one Worrior appraisal well. The program also contains Stuart's first gas exploration well, Doreimus #1.

The key features of the program are:

  • This is the largest exploration program in Stuart's history, made possible by the Worrior success
  • It contains the highly prospective Arwon #1 adjacent to the Worrior field
  • It is targeting in excess of 14.8 million barrels of oil in place and 10 BCF
  • It marks Stuart's entry into gas exploration
  • It marks the first drilling in PEL 113, considered Stuart's most prospective block for oil exploration.

  • Farmouts again feature in this program and a number are currently being finalized. Only one well, Hyperno # 1 is contingent on farmout negotiations. Stuart is finalizing equity participation factors for a prospect straddling PEL 113 and PEL 114. Santos will operate this well, Derrilyn #1, which is due to spud in April.
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