Stuart to Spud Brew 1 in Cooper/Eromanga Basin

South Australian based oil producer Stuart Petroleum Limited has announced that it will spud the Brew 1 exploration well in Cooper/Eromanga Basin PEL 113 on or about July 14, 2008. Brew 1 will target probabilistic mean undiscovered gas reserves potential of 17.5 billion cubic feet plus associated gas liquids.

The Managing Director of Stuart Petroleum, Tino Guglielmo said, "Brew is the final well in our three well 2008 Cooper/Eromanga Basin exploration program. It follows the Subzero 1 well drilled with Avery Resources (35%). The Brew 1 well precedes the drilling of the Bazzard 1 exploration well in the Gippsland Basin permit Vic P53, currently scheduled for late August."

Brew 1 will test a relatively large gas/condensate stratigraphic trap located against the northern flank of the Dunoon High. Reservoir quality is expected to be similar to the nearby Cabernet Gas Field. The well will be deviated through the Patchawarra Formation to penetrate a succession of potential reservoirs close to a reverse fault. If successful, there is follow-up appraisal potential to the northeast.

Brew 1 is testing the same type of Patchawarra Formation stratigraphic trap as Subzero 1 (14km southwest), but in the case of Brew 1, the well is located at the top of the structure. A successful result at Brew 1 could lead to the drilling of a Subzero 2 well, to test the trap updip of the significant shows reported in the Patchawarra Formation of Subzero 1.

Success at Subzero 2 could lead to a re-entry of Subzero 1 for further testing. In consideration of this possibility, the Murteree Block joint venture has agreed to plug and suspend the Subzero 1 well in lieu of the previous decision to plug and abandon.

The primary target in Brew 1 is the Patchawarra Formation, for gas and gas liquids. Stuart Petroleum has 100% equity in Brew 1 which will be drilled by Century Rig 3.

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