Stuart Petroleum Company News

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Stuart Notes DST Results from Acrasia 5 Well
Friday, October 22, 2010Stuart advised the following update regarding progress on the Acrasia 5 development well.

Stuart Drills Ahead at Acrasia Well
Monday, October 11, 2010Stuart Petroleum advised that as planned, the Acrasia 5 Development well spudded at 16:00 on Saturday October 9.

Stuart to Commence Drilling at Acrasia Well
Friday, October 08, 2010Stuart advised that Hunt Rig 2 is on site, earthworks are completed, and that drilling will commence shortly at the Acrasia 5 development well.

Stuart Turns On Taps at Worrior Well
Monday, September 06, 2010Worrior-7 well has been tied into the Worrior Oil Field facilities. The well commenced production at 2,300 barrels of oil per day.

Stuart Updates Drilling Activities at Cooper Basin
Monday, August 23, 2010Stuart updated regarding the drilling of its Kerinna 2 exploration well, which is targeting a mean unrisked recoverable oil potential from the Hutton Sandstone.

Stuart Relocates Rig to Cooper Basin
Tuesday, August 17, 2010Rig Worrior 7 has moved to the site of the Stuart's first exploration well for the year, Kerinna 2.

Stuart Intersects Additional Oil Pay at Worrior 7
Wednesday, July 21, 2010Stuart advised the following update regarding the drilling of its Worrior 7 development well.

Stuart Drills Ahead at Cooper Basin
Monday, July 19, 2010Stuart updated on the drilling of its Worrior 7 development well.

Stuart to Prime Bit at Worrior 7 Well
Thursday, July 08, 2010Stuart Petroleum advised that Hunt Rig 2 is on site and drilling will commence shortly at the Worrior 7 development well.

Stuart Preps for Drilling in Cooper Basin
Friday, June 04, 2010Stuart has contracted Hunt Rig # 2 to drill the first of a planned 3 well program in the Cooper Basin.

Australia Grants Exploration License to Stuart Petroleum
Friday, May 21, 2010Stuart Petroleum advised that the Mineral Resources Minister for South Australia, the Hon Paul Holloway has announced the grant of Petroleum Exploration License 516 (PEL 516) to Stuart Petroleum.

Stuart Petroleum Settles Timor Sea Permit Sale
Thursday, February 18, 2010Stuart Petroleum has received payment for the sale of its interest in Timor Sea petroleum exploration permit AC/P33.

Stuart Gets Go-Ahead to Sell Stake in Timor Sea Permit
Thursday, February 11, 2010The Foreign Investment Review Board has notified its approval of the sale of Stuart's interest in Timor Sea petroleum exploration permit AC/P33 to PTTEP Australasia (Ashmore Cartier) Pty Ltd.

Stuart Expands Cooper/Eromanga Acreage More Than 80%
Wednesday, December 09, 2009Stuart Petroleum was awarded a highly prospective new petroleum block -- designated CO2009-E -- in the South Australian sector of the Cooper/Eromanga petroleum province.

Stuart Sees 20% Lift in Cooper Basin Output by 2011
Monday, November 16, 2009A 20% increase in oil output by 2011 from its mainstay Cooper Basin production center has been forecast by Stuart Petroleum.

PTTEP Seeks Stake in Oliver Block Offshore Australia
Monday, October 26, 2009PTTEP will purchase an interest in Petroleum Permits AC/P 33 (Oliver block), located in the Timor Sea, as part of its investment strategy to expand its existing exploration activities in Australia.

Stuart Petroleum Increases Stakes in Timor Sea
Monday, July 27, 2009Stuart Petroleum has increased its interest holdings in exploration permit AC/P35, located in the Australian Sector of the Timor Sea.

Stuart Petroleum Lifts Proved Oil Reserves to 1.8MM Barrels
Tuesday, May 12, 2009Stuart Petroleum has improved its proved oil reserve position in Australia to 1.8 million barrels of oil, an increase of more than 20% over March 31, 2009 estimates.

Stuart's Strong Cashflow Spurs Development of Australian Oil Field Project
Wednesday, January 28, 2009Stuart noted that as a result of its ongoing strong cashflow, the company is accelerating development of its Australian projects.

Stuart Grows Sales Revenue by 20%
Wednesday, October 29, 2008Stuart Petroleum has recorded Sales revenues of $11.2 million for the Quarter ended September 30, 2008, a 20% increase over the September 2007 Quarter Sales of $9.3 million.

Stuart Underscores Cooper Basin Production
Wednesday, October 08, 2008Cooper Basin production is continuing at a rate of approximately 35,000 barrels of oil per month net to Stuart. This production is generating around $4.5 million to $5.0 million of gross revenue per month.

Stuart Petroleum Spuds Bazzard-1
Thursday, September 18, 2008Stuart Petroleum will spud its maiden offshore well, Bazzard-1, in the offshore Gippsland Basin this week.

Stuart Petroleum's Net Profit Increases by 51%
Wednesday, August 27, 2008South Australian oil producer and explorer, Stuart Petroleum Limited has announced a record net profit after tax of $13.2 million for the year ended June 30, 2008, a 51% increase over the previous year.

Stuart Petroleum Snags Operatorship of Timor Sea Permit
Wednesday, August 20, 2008Stuart Petroleum has become the Operator and 50% interest holder in Timor Sea permit AC/P33, host to the Oliver Oilfield development project.

Stuart All Set to Drill Appraisal Well on Oliver Oilfield
Wednesday, August 20, 2008In an $85 million venture announced today, Stuart will solely fund the drilling of an appraisal well on the Oliver oilfield, 700 kilometers west of Darwin and 30 kilometers north of the Jabiru production licences.

Stuart to Spud Brew 1 in Cooper/Eromanga Basin
Thursday, July 10, 2008Stuartannounced 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.

Bengal, Partners Snare Block in NELP VII
Wednesday, July 09, 2008Avery has provided an update on its operations in India and Australia, and has announced that Bengal Energy, along with its two joint bidding partners, has received the NELP VII provisional award of Block CY-ONN-2005/1.

Stuart Zeros in on Subzero 1's Gas Shows
Wednesday, July 02, 2008Stuart Petroleum has reported that its exploration well Subzero 1 has intersected significant gas shows in the Patchawarra Formation over a gross interval of 300 meters. These shows will be evaluated by wireline logs and drill stem testing.

Stuart Prepares to Spud Subzero 1
Tuesday, June 17, 2008Stuart Petroleum will spud the Subzero 1 exploration well in Cooper/Eromanga Basin PEL 113 on or about June 19, 2008. Subzero 1 will target probabilistic mean undiscovered oil reserves potential of 1.3 million barrels.

Stuart Petroleum to Spud Chester 1 in June
Thursday, May 29, 2008Stuart Petroleum Limited announced that its 2008 Cooper/Eromanga Basin Drilling Program will commence on or about June 1 with the Chester 1 exploration well in PEL 113.

Stuart to Recommence Cooper Drilling Program
Tuesday, April 29, 2008South Australian based oil exploration and production Company, Stuart Petroleum Limited announced that it will shortly recommence drilling in the Cooper/Eromanga Basin.

Stuart Increases Half-Year Profit 21%
Thursday, February 21, 2008Sales Revenue totalled a record $30 million, an increase of 64% over the June Half Year and 47% over the previous December Half Year, comfortably exceeding the previous record of $27 million set in the June Half of 2006.

First and Ten: Cleansweep Oilfield Begins Production
Friday, February 01, 2008South Australian based oil exploration and production Company, Stuart Petroleum Limited announced that the Cleansweep Oilfield has commenced production and is online at an initial rate of 120 barrels of oil per day.

Stuart Petroleum's 94% Production Increase Drives Record Revenues
Wednesday, January 16, 2008Stuart Petroleum Ltd. announced record revenues of $20.9 million for the December Quarter due to production increases from the September Quarter.

Rockhopper to Perform Second Seismic Survey in Falklands
Monday, December 17, 2007Rockhopper Exploration, the North Falkland Basin oil and gas exploration company, recently completed the Ernest site survey. Existing surveys have unveiled a substantial amount of recoverable oil.

Stuart and Giraul Team Up in Angolan Oil Venture
Monday, December 17, 2007<p>South Australian oil producer Stuart Petroleum announced the formation of a joint venture with Angolan-based Giraul Petroleum. Stuart and Giraul have agreed to jointly explore for oil onshore in the Republic of Angola, in West Africa.

Stuart's VIC P53 Acquisition Gets Government Nod
Friday, November 30, 2007Stuart has been approved to take part in Vic P53 as Operator and will earn an interest in the permit.

Stuart Moves Forward with Gippsland Basin Exploration
Thursday, November 15, 2007Stuart Petroleum will use the West Triton jackup to drill its Bazzard 1 exploration well located in the Gippsland Basin offshore Australia.

Magellan Petroleum Says Patron 1 a Duster
Wednesday, October 03, 2007Magellan Petroleum says the Patron 1 exploration well, the second well drilled under the PEL 93 farmin agreement in the Cooper Basin of South Australia, has been plugged and abandoned without encountering commercial hydrocarbons.

Stuart Petroleum Buys Rights to Explore Gippsland Block, Offshore Australia
Tuesday, August 21, 2007Stuart Petroleum has moved into its first offshore venture and its first venture outside South Australia by tackling the Bazzard prospect in offshore Gippsland block VIC/P53 on ACOR's ORRI.

Stuart Makes Discovery at Comic-1
Thursday, August 09, 2007Stuart Petroleum has made a new oil discovery in the Comic 1 well near the Harpoono field in PEL 113 in the Cooper/Eromanga Basin in far northern South Australia.

Stuart Petroleum Begins Development Program on Worrior Field
Thursday, August 02, 2007Stuart Petroleum will begin its 2007 development drilling program in the Worrior oil field with the spudding of the Worrior 5 well around August 8th.

Magellan Petroleum Signs Farm-in Agreement for Rainbird Prospect
Thursday, August 02, 2007Red Sky Energy and Magellan Petroleum have signed farmin agreement for the Rainbird Prospect. Each will pay 49% of the Rainbird 1 well costs to earn a 24.5% interest each in any commercial discovery.

Cooper, JV Partners Agree to Farm-out with Stuart
Thursday, May 17, 2007Cooper Energy and its partners in the PEL 100 Joint Venture have agreed to a farm-out deal with Stuart Petroleum.

Stuart Joins Cooper/Eromanga JV
Wednesday, May 09, 2007Stuart Petroleum Limited has reached an agreement with the participants of Cooper/Eromanga Basin tenement PEL 100 in northern South Australia to earn a 50% participating interest in the tenement by drilling and evaluating one well.

Magellan Set to Launch 2007 Drilling Campaign
Tuesday, December 26, 2006Magellan Petroleum Corporation (Magellan) said that its intensive drilling program for 2007 is likely to commence late December 2006.

Stuart Petroleum to Abandon Rising Fast 1 Exploration Well
Monday, November 27, 2006Stuart Petroleum Limited reports that the Rising Fast 1 oil exploration well will be plugged and abandoned.

Stuart Petroleum to Spud Dunoon 2
Monday, November 27, 2006Stuart 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.

Stuart Plans to Spud Rising Fast 1 Next Week
Thursday, November 09, 2006Stuart Petroleum Limited said that it plans to drill the Rising Fast 1 exploration well in the Cooper Basin of South Australia.

Stuart Petroleum to Drill Might & Power 1 Exploration Well
Wednesday, October 18, 2006Stuart Petroleum says that the Might & Power 1 exploration well is expected to spud around October 21, 2006. This is a follow up to the oil discovery made by Harpoono 1 in May 2004.