Stuart Petroleum to Spud Dunoon 2

Stuart Petroleum reports that the Dunoon 2 exploration well, the next well in the 2006 drilling program, will be drilled on the Dunoon Ridge to further test the oil producing trend confirmed by recent discoveries at Revenue, Rimfire, Might & Power and as a follow up to the original discovery at Harpoono.

Dunoon 2 is located 2.3 kilometers southwest of the Harpoono oil discovery and 500 meters northwest of Dunoon 1 on the Dunoon Ridge. The Dunoon 1 well, drilled in 1984 by Delhi Petroleum, had oil shows in the Murta Formation and the McKinlay Member.

The Dunoon 2 structure has potential oil in place of 0.72 million barrels (mean) in the Murta Formation and the McKinlay Member.

The Dunoon 2 well is expected to spud on or about December 1, 2006.

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