Stuart Petroleum Limited has announced that exploration well Subzero 1 (Stuart 65% and Operator, Avery Resources 35%) has intersected what appear to be significant gas shows in the Patchawarra Formation over a gross interval of 300 meters.
The significance of these shows will be evaluated by both wireline logs and drill stem testing as required. The wireline logs will assist in determination of potential reservoir quality.
Subzero 1 is targeting probabilistic mean undiscovered potential oil reserves of 1.3 million barrels in the McKinlay / Birkhead Formations. The Patchawarra and Epsilon Formations are secondary targets for gas. The well has intersected 600 meters of Patchawarra Formation to date.
The Company reported that it is not yet possible to estimate either the flow potential of these intercepts or to estimate the size of any potential resource. The hydrocarbon potential of the well will be the subject of a separate release after conclusion of the drilling and evaluation program.
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