Stuart Petroleum Hits with Acrasia #2 Well

Stuart Petroleum has made a second discovery at the Acrasia field located onshore Cooper Basin. The Acrasia #2 well flowed at a daily rate of 90 barrels during its test of the deeper mid-Tinchoo formation. Stuart said that the oil flow represented a new pool discovery for the Acrasia structure. "It is now planned to case the Acrasia-2 well as a potential oil producer," Operations Director Rod Hollingsworth, said. "However, the full significance of the oil accumulation can only be evaluated by electric logs run when drilling is completed," he said.

This well follows Acrasia #1 which was drilled in April of this year. The results of that well yielded a discovery of a 3.7 million barrel oilfield.

Stuart Petroleum is operator of Acrasia field and has a 75% interest and Beach Petroleum holds the remaining 25%.