Stuart Petroleum Strikes Gas with Kiwi Well

Stuart Petroleum reported that the Kiwi #1 wildcat had made a gas discovery. The well flowed 9.6 million cubic feet of gas per day from the Callumurra.

Stuart's CEO, Mr. Tino Guglielmo, said that this discovery is a milestone on Stuart's journey to becoming a significant player in the energy business "The Kiwi #1 well has upgraded the prospect of finding significant quantities of gas with high flow rate potential in the area" he said. "The timing of this discovery could not have been better for the development of Stuart's Cooper Basin gas business as Stuart is currently marketing a farm out of the Maribu gas project in a block adjacent to the Kiwi block" Mr. Guglielmo said. Stuart hopes to be drilling in the Maribu gas project in late 2004.

Mr. Guglielmo said that the Kiwi well is the first well in the cluster of fields required to establish a gas infrastructure in the area. "This discovery makes the Maribu project very exciting" he said.

The Kiwi success lifts Stuart Petroleum's exploration success rate to 75% with three discoveries out of four wildcat wells drilled. "This is a great strike rate and a credit to the exploration staff here at Stuart" he said.