Stuart Joins Cooper/Eromanga JV

Stuart Petroleum Limited has reached an agreement with the participants of Cooper/Eromanga Basin tenement PEL 100 in northern South Australia to earn a 50% participating interest in the tenement by drilling and evaluating one well.

Stuart will operate its earn-in well and on completion of its interest-earning obligations, Stuart will become Operator of the permit on behalf of the new PEL 100 Joint Venture—Stuart Petroleum Limited 50%, Sundance Energy Australia Limited 23.333%, Cooper Energy Limited 19.167%, Traditional Oil Exploration Limited 5% and Liberty Petroleum Corporation 2.5%.

Tino Guglielmo, Managing Director of Stuart, said: "Stuart is pleased to become a participant in the PEL 100 Joint Venture and it proposes to proceed with the drilling of its interest-earning well within the next four months. Details of Stuart's full 2007 Cooper/Eromanga drill program will be released shortly."