Stuart to Commence Drilling at Acrasia Well
Stuart advised that Hunt Rig 2 is on site, earthworks are completed, and that drilling will commence shortly at the Acrasia 5 development well, the third well of Stuart's current drilling program in the Cooper Basin.
Acrasia 5 is being drilled in the eastern section of the overall Acrasia Oil Field, central to the Hutton formation oil pool. It is programmed to reach a total depth of 2,345 meters to access reserves which are not tapped by the existing Acrasia well pattern and thereby increase the
productivity, cash flow and profitability of the field.
The primary targets of the well are the Hutton and Tinchoo formations. The Birkhead and Poolowanna formations contain secondary targets.
Acrasia 5 is expected to convert approximately 164,000 barrels (100% JV share) of 2P undeveloped reserves into developed reserves in the Hutton and Tinchoo formations and it is expected to begin production at an initial rate of around 300 barrels of oil per day. This well is programmed to contribute approximately 60,000 barrels (100% JV share) to oil production in financial year 2010-2011.
Drilling progress will be reported prior to and during drilling of the primary target.
Participants in the drilling of Acrasia 5 and in PPL 203 are:
- Stuart Petroleum Limited (STU) Operator 75%
- Mawson Petroleum Pty Ltd 25%