Stuart Petroleum Makes Find with Revenue 1 Well

Stuart Petroleum

Stuart Petroleum reports that a cased hole flow test was conducted on the Revenue #1 oil exploration well in the Birkhead Formation over the interval 1451.3m to 1452.3m and flowed oil at an approximate rate of 1100 BOPD with 5% water assessed. This test was run to assess the oil potential of the Birkhead zone which exhibited only weak oil shows during drilling.

Stuart's Managing Director, Mr. Tino Guglielmo said "This significant test result enhances the prospectivity of the Birkhead Formation for the adjacent Comic and Rising Fast prospects to be drilled in October 2006 and adds an additional target on the Dunoon Ridge prospects."

Revenue 1 will be fracture stimulated in the Murta Formation and will be completed as a three zone oil producer from the Murta, McKinlay and Birkhead formations with first oil production into the existing Harpoono facility from mid September 2006.

Participants in the Revenue #1 well are Stuart Petroleum Limited as operator with 66.7% and Beach Petroleum Limited with 33.3%. The well is located in PEL 113 in the Cooper/Eromanga Basin in Australia.