Stuart Petroleum Begins Development Program on Worrior Field

Stuart Petroleum will begin its 2007 development drilling program in the Worrior oil field with the spudding of the Worrior 5 well around August 8th in PEL 93 in Australia. The well is a follow up to the Worrior 4 development/appraisal well drilled in March 2006. Worrior 5 will be drilled with Hunt Rig 3. Worrior 5 will be immediately followed by the Worrior 6.

Worrior 5 will be drilled approximately 200 meters north of Worrior 2 and has primary targets in the McKinlay member of the Murta Formation and in the Birkhead Formation. The Pando Formation will provide a secondary target.

A review of the production performance at Worrior 4 and a depth structure re-map of the Worrior field during 2007 have resulted in an incrase in Stuart's reserves in the Worrior oil field reflecting an Original recoverable Oil in Place of 3.6 million barrels (proven) and 4.4 million barrels (proven plus probable).

Worrior 5 will provide an additional drainage point for the current lightly produced reserves in the McKinlay reservoir in the north of the field and will also address the potential for additional reserves through a possible attic oil accumulation in the Birkhead Formation. Evaluation of the Pando formation provide potential for additional reserves.

Participants in the well are Stuart Petroleum as operator with 70% and Cooper Energy with the remaining 30%.


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