Stuart Drills Ahead at Acrasia Well

Stuart Petroleum advised that as planned, the Acrasia 5 Development well spudded at 16:00 on Saturday October 9 in PPL 203, 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 metres 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.

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.