Stuart Petroleum to Abandon Rising Fast 1 Exploration Well
Stuart Petroleum Limited reports that the Rising Fast 1 oil exploration well in Australia is currently preparing to set abandonment plugs. Drill stem test 1 over the interval 1230m to 1233m in the McKinlay Member flowed water to surface at a rate of 1056 bwpd and drill stem test 2 over the interval 1191m to 1200m in the Murta Member recovered 42 bbls of water in the drillstring.
Stuart's interpretation of results indicates the presence of residual oil. This confirms the migration pathway from Permian source rocks to the northeast. The well outcome has not changed Stuart's
view of the oil potential of the area.