ANNOUNCEMENT TO ASXOPERATIONS UPDATE: WORRIOR # 2 DEVELOPMENT...

ANNOUNCEMENT TO ASX
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
Yours faithfully,
Tino Guglielmo
Chief Executive Officer