Stuart Petroleum to Spud Tawriffic East 1

Stuart Petroleum

Stuart Petroleum has begun a four well exploration drilling program with the Tawriffic East 1 well due to spud around September 29th.

Tawriffic East 1 is located 14km northwest of the prolific Worrior oil field within PEL 93 in Australia. The Pintari North oil field is 7km to the northeast.

The well is located on the under-explored Warra Ridge at the south western end of the Gidgealpa/Merrimelia/Innamincka Ridge which, to the northeast, contains numerous oil and gas fields.

The Tawriffic East structure has potential oil in place of 2.6 million barrels (mean) and un-risked mean reserves of one million barrels in the Birkhead Formation and in the McKinlay Member if oil is present.

The Managing Director of Stuart, Mr. Tino Guglielmo said that, "Tawriffic East, the first well in our new drilling program, if successful, will upgrade the potential of the adjacent Tawriffic West prospect significantly".

"Drilling success forms the foundation of exploration companies. The recent increase in cash returns achieved by companies such as ours is necessary to fund the growth of Stuart for our Shareholders".

Tawriffic won the 1989 Melbourne Cup as a 5 year old and established a new race record of 3 minutes, 17.1 seconds. He was trained by Lee Freedman, ridden by Shane Dye and carried a weight of 54kg from barrier 11.