Stuart Plans to Spud Rising Fast 1 Next Week

Stuart Petroleum Limited said that it plans to drill the Rising Fast 1 exploration well in the Cooper Basin of South Australia. The well is being drilled on trend with recent discoveries including the recently drilled Might & Power 1 well and the highly successful Revenue 1 well drilled in July.

Mr. Tino Guglielmo, the Managing Director of Stuart said that "Rising Fast 1 is located on what is becoming a significant oil producing center, the Dunoon Ridge. The Revenue 1 well was drilled on the Dunoon Ridge and resulted in a multi zone oil discovery (Birkhead, Murta and McKinlay) which recently commenced production on pump from the Birkhead formation at rates in excess of 800 barrels of oil per day", Mr. Guglielmo added.

The Might & Power 1 well, also drilled on the Dunoon Ridge, recovered oil from the McKinlay formation on test and is currently being completed to test the oil potential of the Murta formation after which the well is likely to undergo fracture stimulation. The well confirms the oil potential of the Dunoon Ridge to the South where additional prospects have been mapped.

The Rising Fast 1 well also follows up the Dunoon Ridge oil discoveries made at Harpoono in May 2004 and subsequent appraisal drilling of the Harpoono Field carried out in 2006.

The Rising Fast 1 well is located on the Dunoon Ridge within PEL 113, 700 meters north-east of the Revenue oil discovery and 3.6km north-east of the Harpoono oil discovery.

The Rising Fast structure has potential oil in place of between 0.5 – 1.4 million barrels in the Murta Formation, the McKinlay Member and the Birkhead Formation. Potential reserves estimates range from 200-500 kbbls of oil.

The well will be spudded on or about 13 November 2006 following completion of Might & Power 1.