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Stuart Petroleum Ltd ABN 58 059 146 226
Drilling
Arwon # 1
Exploration Well
Enquiries regarding this
report and company
business may be directed to:
Tino Guglielmo
Chief Executive Officer
Level 7
22 King William Street
Adelaide, 5000
South Australia
Tel: (+61) 8 8410 0611
Fax: (+61) 8 8410 0250
Stuart Petroleum is a publicly
listed company on the
ASX-ticker symbol STU.
Stuart has title to 4 blocks
totalling 5,051 km2 in the
Cooper Basin.
Stuart is a specialist Exploration
& Production company in a
world class oil and gas
province.
Arwon # 1 Wildcat Exploration Well
Stuart Petroleum Limited as the Operator for PEL93
and PEL113 in the Cooper/Eromanga Basins, South
Australia, advises that Hunt Energy have been
contracted to drill the oil and gas wildcat well Arwon # 1 .
The Arwon well is expected to spud on or about
Thursday 23rd September 2004.
Well details:
Licences: PEL93 and PEL113, South Australia.
Participants: Stuart Petroleum Ltd (Operator) 88.8%
Cooper Energy NL 11.2%
Rig: Hunt Energy Rig No 3
Targets: McKinlay (oil)
Birkhead (oil)
Hutton (oil)
Patchawarra (gas)
Potential 2P reserves: 5 million barrels
Stuart Petroleum Limited
ABN 58 059 146 226
2
Commentary:
Arwon # 1 is located approximately 2.5 kilometres east-north-east of Worrior #1
and approximately 55km SW of the Moomba oil and gas processing plant.
The Arwon prospect straddles the boundary of PEL 93 and PEL 113. Stuart
holds 70% of PEL93 and 100% of PEL113.
Stuart and Cooper Energy have concluded a pre drill co-operation agreement
for the prospect and any subsequent discovery which results in Stuart holding
an 88.8% working interest and Cooper holding an 11.2% working interest.
The Arwon prospect is similar to the Worrior field in that it has the potential to
contain hydrocarbons in four stacked reservoirs (McKinlay, Hutton, Birkhead
and Patchawarra). The Arwon prospect is interpreted to have a chance of
success which is slightly higher than that normally carried for an exploration well
and the reason for this is that Arwon is thought to lie on the hydrocarbon
migration pathway from the Daralingie trough through to Worrior.
Arwon is assessed to contain up to 15.5 million barrels of oil in place in three
reservoirs [McKinlay, Birkhead and Hutton] and 2.5 BCF of gas in place in the
lowermost Patchawarra formation. The assessed potential 2P ultimate recovery
for Arwon is 5 million barrels.
The well is expected to reach its first target after 6 days of drilling and to be at
total depth after 14 days of drilling.
Tino Guglielmo
Chief Executive Officer
For further information please contact: Chief Executive Officer Tino Guglielmo
on (08) 8410 0611
Stuart Petroleum Limited [ASX symbol: STU] is a specialist Cooper Basin
Exploration and Production company with a significant land holding in the South
Australian Cooper Basin, a world class oil and gas province.
Email: [email protected]
Web Site: www.stuartpetroleum.com.au