** drilling report ** , page-5

This is a good result.

GAS and OIL

Read it again Sandy.

DRILLING REPORT: BEEVILLE # 1
PEL 105, BEEVILLE BLOCK, COOPER/EROMANGA BASIN, SA

Stuart Petroleum advises that DST #6 in the Paning formation over the interval
2,218.5-2,222 metres flowed gas to surface at 1.0 million cubic feet per day at a
flowing well head pressure of 300psi through a ½” choke with 70 barrels of
condensate per day.

Recovery from the drill string was 6.8 barrels of condensate and 0.5 barrels of rathole
mud.
Drilling operations will recommence later this afternoon and proceed to total depth.
The status of Beeville #1 at 0600 hours (CSST) on 24th November 2004 was:
Location: PEL 105, 52km north, north-east of Moomba
Planned Total Depth: 2,355 metres
Current depth: 2,222 metres
Operations: Laying down test tools
Spud: 12.30hrs CSST, 3 November 2004
Participants in the Beeville Joint Venture are:
Stuart Petroleum Limited (Operator) 20.0% (STU)
Hughes & Hughes Australia Pty Ltd 53.3%
Tri-C Resources Inc 26.7%