Stuart Makes Discovery at Comic-1

Stuart Petroleum has made a new oil discovery in the Comic 1 well near the Harpoono field in PEL 113 in the Cooper/Eromanga Basin in far northern South Australia.

A test of the Birkhead and Hutton Formations following completion of the well flowed oil to surface at a rate of 72 barrels of oil per day under natural flow. The well is expected to produce at an initial rate in excess of 150 barrels per day on pump.

Comic 1 will be tied into the existing Harpoono production facilities and will be commissioned for production next month. An appropriate reserve increment will be calculated.

Stuart managing director, Mr. Tino Guglielmo, today said: "Comic was a low risk opportunity drilled because the economics of the prospect were enhanced by its proximity to infrastructure. This result confirms Stuart's exploration strategy, combining advanced seismic techniques with disciplined risk management assessment to un-lock the continuing potential of the Cooper/Eromanga Basin."

"This new discovery is a positive opening for the current exploration drilling round which sees three rigs presently operating," Mr. Guglielmo added.