Stuart Petroleum Outlines 2004 Drilling Program
Stuart Petroleum says its 2004 drilling program will commence with the spudding of Galilee #1 in the PEL 90 Candra Block next week. All seven of these wells are located in Australia's Cooper Basin.
Stuart Petroleum's 2004 program consists of a minimum of five exploration wells and one Worrior appraisal well. The program also contains Stuart's first gas exploration well, Doreimus #1.
The key features of the program are:
Farmouts again feature in this program and a number are currently being finalized. Only one well, Hyperno # 1 is contingent on farmout negotiations. Stuart is finalizing equity participation factors for a prospect straddling PEL 113 and PEL 114. Santos will operate this well, Derrilyn #1, which is due to spud in April.