Stuart Petroleum to Spud Harry #1 Well Soon

Stuart Petroleum has contracted Century Resources to drill the Harry #1 Well located in the PEL 90 Maribu Block in the Cooper/Eromanga Basin in South Australia. The well is expected to spud around October 28th.

Stuart's Managing Director Mr. Tino Guglielmo said "This well is the first step in the largest exploration program ever undertaken by Stuart. Over the next twelve months at least 11 exploration wells will be drilled in that program."

Harry #1 with its dual oil and gas targets is Stuart's first designated gas exploration well and it will examine substantial oil potential which if successful will confirm a new oil play. The gas targets will test a new high permeability natural fracture gas play.

"We regard the Harry Complex as having significant upside potential and success at Harry #1 will lead to early follow up drilling of at least two wells" Mr. Guglielmo said.

Mr. Guglielmo said "This prospect is one of many in the Cooper Basin awaiting detailed examination and we look forward to a positive outcome which will significantly enhance the prospectivity of similar plays in PEL 90 and PEL 102."

"Success will reinforce our view that the Cooper Basin is a great place to be exploring as that success can, through utilization of existing infrastructure be converted into cash flow quickly" he said.

Stuart Petroleum is the operator for PEL 90 Maribu Block.