Stuart Petroleum's 94% Production Increase Drives Record Revenues

Stuart Petroleum Ltd. announced record revenues of $20.9 million for the December Quarter.

Production increased by 94% from the September Quarter to 189,700 barrels of oil. This increase was driven by sustained higher production rates from the recent development drilling in Stuart's 70% owned Worrior Oilfield.

Revenues increased by 130% from the September Quarter to $20.9 million, the highest on record, easily exceeding the previous record of $16 million set in March 2005.

Stuart continues to benefit from high oil prices, averaging A$110.19 per barrel during the December Quarter.

"Production is up, reserves are up and oil prices are up," Stuart's Managing Director Tino Guglielmo said. "The Cooper Basin is delivering the cash to fund our portfolio of growth projects in the Gippsland Basin, Angola and the Port Bonython Fuels business."

Stuart's Cooper Basin fields continue to perform strongly with additional production scheduled online later in January from the 50% Stuart owned Cleansweep discovery in PEL 100.