Stuart Petroleum Says Rogan #1 a Dry Hole

Stuart Petroleum Limited reports that the Rogan #1 gas exploration well has been plugged and abandoned after completion of the evaluation program. No commercial hydrocarbons were discovered. Oil shows encountered in the Birkhead and Hutton formations proved to be residual oil.

The Rogan #1 well is located in the Cooper/Eromanga Basin in South Australia in Block PEL 102. Stuart Petroleum holds a 100% stake in this well.