STU 0.00% 94.0¢ stuart petroleum limited

This not a Ramp, page-7

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    STU & BPT Acrasia Correction Ann Out. 3.7 Million Barrels! Bad Luck

    STUART PETROLEUM NL 2002-05-08 ASX-SIGNAL-G

    HOMEX - Adelaide

    +++++++++++++++++++++++++
    ASX CORRECTION FOR ANNOUNCEMENT PREVIOUSLY RELEASED TODAY.

    A second well, an exploration / appraisal well, is to be drilled
    later this month west of the historic Acrasia # 1 oil discovery well
    in the Cooper Basin region of South Australia.

    The well, Acrasia # 2 was announced today by Stuart Petroleum as
    Operator for the Stuart Petroleum / Beach Petroleum Joint Venture,
    which last month completed drilling of the Acrasia # 1 well - the
    first new well by an independent operator in the region in more than
    20 years.

    Stuart and Beach also announced today that drilling of Acrasia # 1
    had indicated a resource of approximately 3.7 million barrels of oil
    in place.

    "Following the success of Acrasia # 1, we have decided to drill the
    Acrasia # 2 appraisal well west of the first well," Stuart
    petroleum's Operations director, Mr Rod Hollingsworth, said.

    "As Acrasia # 1 is located in the eastern end of a very elongated
    structure, there is the potential to increase our current estimates
    of oil in place by drilling further to the west along structure," he
    said.

    Acrasia # 2 is also being designed to serve as a second production
    point along the Acrasia structure.

    Mr Hollingsworth also announced that the PEL 90 Candra joint venture
    expected to begin production from the Acrasia # 1 well within the
    next three weeks, initially as a production testing programme moving
    to full commercial production. Initial production rates are expected
    to be in the order of 500 barrels a day, building gradually to
    approximately 1000 barrels of oil a day.

    Acrasia # 2 will be drilled 1.2 kilometres directly west of Acrasia
    # 1.

    Mr Hollingsworth said drilling of Acrasia # 2 was expected to
    commence in the next two to three weeks.

    Interests in both Acrasia # 1 and Acrasia # 2, located 90 kilometres
    north of Innamincka in the southeast corner of the Candra Block of
    PEL 90, are Stuart petroleum (75%) and Operator and Beach Petroleum
    (25%).


 
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