Stuart Petroleum managing director, Mr Tino Guglielmo, said:" Derrilyn 2 has delivered a strong initial rate, making 1500 barrels a day, bringing total field production to more than 2300 barrels per day, while the smaller Arwon field has come on stream at more than 110 barrels a day." Stuart's equity interests are 35% in Derrilyn and 88.8% in Arwon.
With Arwon in production, Stuart now has five current producing oil fields in the South Australian sector of the Cooper Basin. "Meanwhile, engineering work is well underway to bring on-stream the recently discovered Padulla oil field where recoverable oil reserves are estimated at 1 million barrels," Mr. Guglielmo said. Stuart has 100% equity interest in Padulla.
"Stuart's focus is to rapidly exploit our oil discoveries in order to take advantage of current high prices for prime South Australian light crude, which currently fetches near A$80/barrel."
"We are seeing a growing focus of a number of companies seeking to exploit oil reserves in the Cooper Basin, Australia's premier onshore oil province. Stuart's ambition is to be at the forefront of this exploration and development push."
Stuart is forecasting production of 800,000 to 900,000 barrels of oil in the year to June 2006. Production last year was 832,000 barrels.
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