STU 0.00% 94.0¢ stuart petroleum limited

chart, page-9

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    re: punters ignore cooper basin riches Died in the bum after the News Ltd article, seems to have improved the buying depth at 30c is all...
    of course I hold..at 32c.lol.....


    Third Quarter Activities Report

    STUART PETROLEUM LIMITED 2003-04-29 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    APPOINTMENTS

    Mr Tino Guglielmo has accepted appointment as Stuart Petroleum
    Limited's Chief Executive Officer.

    Mr Guglielmo, 44, has a distinguished 23 year record as a petroleum
    executive both domestically and overseas. He is well-credentialled in
    the Cooper Basin and has particular expertise in Business
    Improvement, Reservoir Optimisation and Petroleum Engineering.

    Mr Rod Hollingsworth will continue as a director of the Company after
    his decision to retire from executive duties takes effect on 30 June
    next.

    Mr Stephen Mayer has taken up his appointment as Stuart Petroleum
    Limited's Field Supervisor. Mr Mayer, 44, has more than 20 years
    experience in management of hydrocarbon production in onshore
    Australia. He has particular experience in the Cooper Basin.

    OIL PRODUCTION

    The Company produced and sold 33,107 barrels of oil from its Acrasia
    Oilfield during the March Quarter. Production was down from 44,050
    barrels in the preceding quarter as a result of 22 production days
    lost to seasonal rains.

    PLANNED WORK

    * Infrastructure at Acrasia Oilfield (Stuart 75% and Operator) The
    surface equipment for the jet pump unit on Acrasia #2 is currently
    being mobilised and loaded for transport to the field on 2 May, while
    the down hole unit is expected to be ready for installation at the
    end of the following week. A second jet pump is scheduled for
    installation on Acrasia #3 in the third week in May and both units
    are expected to be on stream by the end of May.

    Pump operation will significantly lift the levels of oil production
    from Acrasia #2.

    Plans are also in hand to hydraulically connect Acrasia #1 to the jet
    pump installation, thereby increasing the rate of oil production from
    Acrasia #1.

    Ongoing improvements to the efficiency of operations at the Acrasia
    Oilfield will continue, with further work on connecting roads, oil
    storage and water knock-out tanks, workshops and personnel
    facilities. This work will result in operating cost reductions.

    EXPLORATION

    Plans for drilling are being developed around the following targets:

    (i) ARWON #1 (PELA 113)

    Subject to the grant of the PEL113 licence (expected imminently) the
    Company's next well is planned to test a four way dip closure in
    Eromanga and Cooper Basin strata approximately 10 kilometres south
    west of Santos and partners' Daralingie gas/condensate field, some 47
    kilometres south west of Moomba.

    Arwon is a robust structure which formed early in terms of local
    geological history. It is updip to the west of, and close to, the
    trough which is thought to have been the source of hydrocarbons
    trapped in the Daralingie structure to the east. Drilling will aim to
    discover up to 1.5 million barrels of oil in the Namur Sandstone and
    2.1 million barrels in the Patchawarra Formation and up to 3.0
    billion cubic feet of gas in the Epsilon Formation.

    (ii) WARRIOR #1 (PEL 93)

    Subject to satisfactory results from the drilling of Arwon #1 the
    Company's second well for 2003 is programmed to test a four way dip
    closure in Eromanga Basin strata, up dip of, and 3 kilometres south
    west of, Arwon #1. Cooper Basin strata are expected to be thin at the
    Warrior location as in the near by Pando #1 well. Drilling will
    target the discovery of up to 1.1 million barrels of oil in the Namur
    Sandstone of the Eromanga Basin and 3.8 million barrels of oil in the
    Cooper Basin's Patchawarra Formation.

    (iii) DELTA #1 / Kiwi #1 (PEL90 Maribu Block)

    Discussions are underway with Cooper Energy NL with regard to the
    potential for oil discovery at these locations, firmed up as a result
    of seismic acquired in 2002.

    Subject to these discussions and the satisfactory completion of site
    location procedures, one of these localities will be chosen for
    drilling as the Company's third well in 2003.

    The Delta target is a four way dip drape closure in Eromanga and thin
    Cooper Basin strata approximately 4.5 kilometres south west of Santos
    and partners' oil discovery James #1. The structure lies on the James
    nose, along the presumed oil migration pathway between the deeply
    buried oil generative trough to the south and the James #1 oil
    discovery. Both the Tinchoo Formation and basal Paning Member sands
    are considered prospective for oil discovery at Delta.

    The Kiwi target is a four way dip drape closure in Eromanga strata on
    a structural plateau bald of Permian rocks. It lies approximately 5.5
    kilometres north of Santos and partners' Keleary oilfield and it
    occupies a site particularly receptive to hydrocarbons migrating
    westerly updip from deeply buried Permian generative strata in the
    Arrabury Trough. Each of the TInchoo Formation, the Poolowanna
    Formation and Birkhead Formation sands are prospective for the
    discovery of oil at Kiwi.

    (iv) DORIEMUS #1 (PEL102)

    The Company's fourth well in 2003 is likely to be Doriemus #1. This
    well will be located on the south eastern flank of a structure which
    contains the Packsaddle-Pondrinie gasfield. This gasfield is
    currently being produced by Santos and partners from the section of
    the structure which lies outside the limits of Stuart's acreage.

    Interpretation of the results of downdip well Packsaddle #2 and the
    Pondrinie wells indicates that Doriemus has potential for discovery
    of gas in the Toolachee and Patchawarra Formations and possibly for
    the discovery of oil in the Merrimelia Formation, all within the
    Cooper Basin succession.

    GENERAL

    Processing and interpretation of 2002 seismic data is continuing.
    This work is expected to add further to the Company's already
    extensive portfolio of hydrocarbon prospects mature for drilling.

    J G Branson
    CHAIRMAN
    23 April 2003

    Third Quarter Activities Report

    STUART PETROLEUM LIMITED 2003-04-29 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    APPOINTMENTS

    Mr Tino Guglielmo has accepted appointment as Stuart Petroleum
    Limited's Chief Executive Officer.

    Mr Guglielmo, 44, has a distinguished 23 year record as a petroleum
    executive both domestically and overseas. He is well-credentialled in
    the Cooper Basin and has particular expertise in Business
    Improvement, Reservoir Optimisation and Petroleum Engineering.

    Mr Rod Hollingsworth will continue as a director of the Company after
    his decision to retire from executive duties takes effect on 30 June
    next.

    Mr Stephen Mayer has taken up his appointment as Stuart Petroleum
    Limited's Field Supervisor. Mr Mayer, 44, has more than 20 years
    experience in management of hydrocarbon production in onshore
    Australia. He has particular experience in the Cooper Basin.

    OIL PRODUCTION

    The Company produced and sold 33,107 barrels of oil from its Acrasia
    Oilfield during the March Quarter. Production was down from 44,050
    barrels in the preceding quarter as a result of 22 production days
    lost to seasonal rains.

    PLANNED WORK

    * Infrastructure at Acrasia Oilfield (Stuart 75% and Operator) The
    surface equipment for the jet pump unit on Acrasia #2 is currently
    being mobilised and loaded for transport to the field on 2 May, while
    the down hole unit is expected to be ready for installation at the
    end of the following week. A second jet pump is scheduled for
    installation on Acrasia #3 in the third week in May and both units
    are expected to be on stream by the end of May.

    Pump operation will significantly lift the levels of oil production
    from Acrasia #2.

    Plans are also in hand to hydraulically connect Acrasia #1 to the jet
    pump installation, thereby increasing the rate of oil production from
    Acrasia #1.

    Ongoing improvements to the efficiency of operations at the Acrasia
    Oilfield will continue, with further work on connecting roads, oil
    storage and water knock-out tanks, workshops and personnel
    facilities. This work will result in operating cost reductions.

    EXPLORATION

    Plans for drilling are being developed around the following targets:

    (i) ARWON #1 (PELA 113)

    Subject to the grant of the PEL113 licence (expected imminently) the
    Company's next well is planned to test a four way dip closure in
    Eromanga and Cooper Basin strata approximately 10 kilometres south
    west of Santos and partners' Daralingie gas/condensate field, some 47
    kilometres south west of Moomba.

    Arwon is a robust structure which formed early in terms of local
    geological history. It is updip to the west of, and close to, the
    trough which is thought to have been the source of hydrocarbons
    trapped in the Daralingie structure to the east. Drilling will aim to
    discover up to 1.5 million barrels of oil in the Namur Sandstone and
    2.1 million barrels in the Patchawarra Formation and up to 3.0
    billion cubic feet of gas in the Epsilon Formation.

    (ii) WARRIOR #1 (PEL 93)

    Subject to satisfactory results from the drilling of Arwon #1 the
    Company's second well for 2003 is programmed to test a four way dip
    closure in Eromanga Basin strata, up dip of, and 3 kilometres south
    west of, Arwon #1. Cooper Basin strata are expected to be thin at the
    Warrior location as in the near by Pando #1 well. Drilling will
    target the discovery of up to 1.1 million barrels of oil in the Namur
    Sandstone of the Eromanga Basin and 3.8 million barrels of oil in the
    Cooper Basin's Patchawarra Formation.

    (iii) DELTA #1 / Kiwi #1 (PEL90 Maribu Block)

    Discussions are underway with Cooper Energy NL with regard to the
    potential for oil discovery at these locations, firmed up as a result
    of seismic acquired in 2002.

    Subject to these discussions and the satisfactory completion of site
    location procedures, one of these localities will be chosen for
    drilling as the Company's third well in 2003.

    The Delta target is a four way dip drape closure in Eromanga and thin
    Cooper Basin strata approximately 4.5 kilometres south west of Santos
    and partners' oil discovery James #1. The structure lies on the James
    nose, along the presumed oil migration pathway between the deeply
    buried oil generative trough to the south and the James #1 oil
    discovery. Both the Tinchoo Formation and basal Paning Member sands
    are considered prospective for oil discovery at Delta.

    The Kiwi target is a four way dip drape closure in Eromanga strata on
    a structural plateau bald of Permian rocks. It lies approximately 5.5
    kilometres north of Santos and partners' Keleary oilfield and it
    occupies a site particularly receptive to hydrocarbons migrating
    westerly updip from deeply buried Permian generative strata in the
    Arrabury Trough. Each of the TInchoo Formation, the Poolowanna
    Formation and Birkhead Formation sands are prospective for the
    discovery of oil at Kiwi.

    (iv) DORIEMUS #1 (PEL102)

    The Company's fourth well in 2003 is likely to be Doriemus #1. This
    well will be located on the south eastern flank of a structure which
    contains the Packsaddle-Pondrinie gasfield. This gasfield is
    currently being produced by Santos and partners from the section of
    the structure which lies outside the limits of Stuart's acreage.

    Interpretation of the results of downdip well Packsaddle #2 and the
    Pondrinie wells indicates that Doriemus has potential for discovery
    of gas in the Toolachee and Patchawarra Formations and possibly for
    the discovery of oil in the Merrimelia Formation, all within the
    Cooper Basin succession.

    GENERAL

    Processing and interpretation of 2002 seismic data is continuing.
    This work is expected to add further to the Company's already
    extensive portfolio of hydrocarbon prospects mature for drilling.

    J G Branson
    CHAIRMAN
    23 April 2003

 
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