Stuart Petroleum To Drill Second Acrasia Well

A second well will be drilled later this month west of the Acrasia #1 oil discovery well in the Cooper Basin region of South Australia. Stuart Petroleum said Acrasia #2, an exploration/appraisal well, follows the first new well by an independent operator in the region in more than 20 years.

Drilling results from the Acrasia #1 indicate an estimated reserve of approximately 3.7 million barrels of oil. "Following the success of Acrasia #1, we have decided to drill the Acrasia # 2 appraisal well west of the first well," Stuart petroleum's Operations director, Rod Hollingsworth, said. "As Acrasia #1 is located in the eastern end of a very elongated structure, there is the potential to increase our current estimates of oil in place by drilling further to the west along structure," he said. Acrasia # 2 is also designed to serve as a second production point along the Acrasia structure. It will be drilled 1.2 kilometers directly west of Acrasia #1.

Stuart Petroleum holds a 75% interest in the PEL 90 Candra Block and Beach Petroleum holds the remaining 25%.