Stuart Intersects Additional Oil Pay at Worrior 7

Stuart advised the following update regarding the drilling of its Worrior 7 development well. Worrior 7 was drilled in the eastern section of the Worrior Oilfield to access 400,000 barrels of reserves in the McKinlay reservoir which are not tapped by the existing well pattern thereby increasing productivity, cash flow and profitability of the field.

Wireline logging has confirmed that in addition to intersecting the primary target as prognosed, the well has intersected an additional 4 meters of net oil pay in the Birkhead Formation. The reserves impact of this second pay zone is currently being assessed.

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.