Stuart to Recommence Cooper Drilling Program

South Australian based oil exploration and production Company, Stuart Petroleum Limited announced that it will shortly recommence drilling in the Cooper/Eromanga Basin.

The drilling program comprises three wells in Petroleum Exploration Licence 113 addressing an unrisked Proved and Probable potential reserve of 2.3 million barrels (mmbbls) of oil and 18 Billion Cubic Feet (BCF) of gas, Stuart share.

The Sub Zero 1 well has 1.4 Mmbbl of potential reserves. Brew 1 has 0.5 Mmbbl of potential oil reserves and 17.5 Bcf potential gas reserves. Chester 1 has 0.8 Mmbbl of potential oil reserves and 0.5 Bcf of potential gas reserves.

Further details for each well will be provided prior to spud.

The Managing Director of Stuart Petroleum, Mr Tino Guglielmo said, "The drilling program is funded by strong cash-flow provided courtesy of the recent strength in oil prices and Stuart's production."

"Stuart is looking for further growth through the drill bit this year, both in the Cooper Basin and in the Gippsland Basin. Preparations for the drilling of the Bazzard prospect in VicP53 are well advanced with the well scheduled to spud in September," Mr Guglielmo added.

The Century Drilling Rig 3 has been contracted to drill the Cooper Basin wells and Seadrill's West Triton Jack-up rig will drill the Bazzard prospect.

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