Stuart Petroleum to Spud Rogan #1

Stuart Petroleum as Operator for PEL 102, in the Cooper / Eromanga Basins, South Australia, has contracted Century Resources to drill the gas exploration well, Rogan #1.

Rogan #1 is the first commitment well to be drilled by Stuart in PEL 102. It is part of the previously announced substantial exploration drilling program to be undertaken by Stuart during the next 12 months.

Rogan #1 is located in an area which has significant gas discoveries in the Cooper Basin sequence. In addition the recent drilling in an adjacent licence, PEL 103, has upgraded oil potential of this sequence. Rogan #1 provides the opportunity for Stuart to build a commercial gas resource.

Success will reinforce the Stuart view that the Cooper Basin is a great place to be exploring as success can, through utilisation of existing infrastructure, be converted into cash-flow quickly.

Rogan #1 well is expected to spud on or about December 9, 2005.

Rogan #1 will be located within the Innamincka Regional Reserve, approximately 25 km north of Innamincka. Rogan #1 is located on the eastern flank of the Packsaddle – Pondrinie High and will test a three way trap with fault/pinchout up-dip closure. The primary objectives in the well are the Patchawarra Formation and the Tirrawarra Sandstone.

The structure is a proven gas play type in the Cooper Basin and furthermore recent drilling about 20 km north northeast of the location in PEL 103 has highlighted the oil prospectivity of this play.

The prospect is located proximal to several major gas fields with more distant oil / gas discoveries. Packsaddle – Pondrinie Field 5 km southwest produces gas and Yarrow, Flax and Juniper approximately 20 km north northeast are recent gas / oil discoveries. Rogan #1 is strongly analogous to these discoveries. Rogan #1 is predicted to contain relatively dry gas.

A success at Rogan #1 will upgrade the hydrocarbon prospectivity of the eastern flank of the Packsaddle – Pondrinie High and lead to the drilling of other prospects in this sector of PEL 102.