Stuart Petroleum to Spud Light Fingers Well

Stuart Petroleum continues its exploration program with the oil exploration well, Light Fingers #1, which will spud around July 16, 2006 in PEL 113 in the Cooper/Eromanga Basin (Light Fingers won the 1965 Melbourne Cup as a 4 year old mare; was trained by Bart Cummings, ridden by Roy Higgins and carried 52.5 kg to victory from barrier 6).

Light Fingers #1 with multiple oil targets is addressing an unrisked mean oil in place of 0.67 million barrels with an upside P10 oil in place of 1.1 million barrels. If successful the well will confirm an extension of an oil play in the Hutton Sandstone and Murta Formation in a structure to the southwest of the Toparoa Oil Field.

The well will be funded by Avery Resources (Australia) Pty Ltd of Calgary Canada pursuant to an agreement for Avery to farmin to the Murteree Farmout Block of Petroleum Exploration License No 113.

In announcing this well Stuart Managing Director Mr. Tino Guglielmo said "This well is adjacent to and on trend with the very productive Derrilyn and Toparoa oil fields and its potential for success is rated highly."

Light Fingers #1 will be located within the Merty Merty Pastoral Lease approximately 50km SSE of Moomba and 2.8km south west of the Toparoa oil field.

The Light Fingers Prospect is a four-way dip closure at the Top Hutton time structure horizon.

The Light Fingers structure appears to be the southern most extension of a series of structures extending from Calamia West in the northeast, southwards through Derrilyn and Toparoa.

All four structures are located on the Murteree Ridge, adjacent to the steep faulted northwest flank of the Ridge.

The Hutton reservoir in Derrilyn has produced more than 750,000 barrels of oil, and on pump was capable of producing at more than 2000 barrels of oil per day. Toparoa #1 located 1.2km west of Derrilyn tested oil at more than 1000 barrels per day from the Hutton Sandstone.

The Murta Formation has oil shows in a number of nearby wells (Derrilyn #1, Toparoa #1 and Saintly #1) and is one of the main oil reservoirs in a number of Santos operated oil fields to the east of Derrilyn.

The Murta has a weaker closure than the underlying Hutton but if it contains oil, is expected to have a strong stratigraphic component extending outside of structural closure.

Light Fingers #1 is mapped as having an upside (P10) unrisked of 1.1 million barrels of oil in place.

The well is located close to and in a similar structural position to the Toparoa and Derrilyn oil fields on the northwest flank of the Murteree Ridge.

Stuart Petroleum Limited (Operator) 100% and Avery Resources (Australia) Pty Ltd is earning 35% of the Murteree Farmout Block