OPERATIONS UPDATE: WORRIOR # 2 DEVELOPMENT WELL ON LINE PEL 93, COOPER/EROMANGA BASIN, SA
Stuart Petroleum is pleased to report first oil production from the Worrior 2 development well in the Cooper Basin of South Australia only six days from release of the drilling rig, some thirty days after the commencement of drilling.
Worrior 2 [70% Stuart share] was brought on line this morning at a restricted production rate of approximately 2000 barrels of oil a day from the Birkhead Formation.
This oil goes directly to the existing production handling facility at Worrior 1, loaded on to 400 barrel capacity tankers and dispatched to the central oil receiving station at Moomba, 90km from Worrior.
Stuart CEO Tino Guglielmo said, “Worrior #2 has boosted Stuart's net production profile above 2500 barrels per day from the Cooper Basin, comfortably above hedged production levels"
"Stuart's production profile will be further enhanced this year when we bring on line our 35% owned Derrilyn the 18% owned Reg Sprigg West and the 67% owned Harpoono discoveries”
“We have come a long way since our first oil discovery less than 30 months ago.
Stuart today has revenues in excess of $3m a month and produces oil from five wells.” "Stuart will continue to explore and develop its acreage in the Cooper and is currently drilling the Arwon 1 oil wildcat."
Stuart, listed on the Australian Stock Exchange with the code STU, has 62.14m ordinary shares on issue with a market capitalisation of approximately $62m"
STU Price at posting:
0.0¢ Sentiment: None Disclosure: Held
