Stuart Drills Ahead at Cooper Basin

Stuart Petroleum advised the following update regarding the drilling of its Worrior 7 development well. Worrior 7 is being drilled in the eastern section of the Worrior Oilfield to access reserves which are not tapped by the existing Worrior well pattern and to thereby increase the productivity, cash flow and profitability of the field.

Worrior 7 is expected to convert approximately 400,000 barrels (100% JV) of 2P undeveloped reserves into developed reserves and it is expected to begin production at an initial rate of around 500 barrels of oil per day. This well is programmed to contribute approximately 100,000 barrels (100% JV) of oil production in financial year 2010-2011.

Worrior 7 is the first of 3 wells being drilled as part of Stuart’s 2010 drilling campaign. It will be followed by the Kerinna 2 exploration well and the Acrasia 5 development well.