Acrasia Oilfield PEL90 Candra Block Cooper Basin SA Document...

Acrasia Oilfield PEL90 Candra Block Cooper Basin SA

Document date: Thu 20 Jun 2002 Published: Thu 20 Jun 2002 16:46:45
Document No: 133508 Document part: A
Market Flag: Y
Classification: Progress Report
STUART PETROLEUM NL 2002-06-20 ASX-SIGNAL-G

HOMEX - Adelaide

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Stuart Petroleum, as Operator for the Stuart Petroleum Beach
Petroleum Joint Venture, wishes to advise as follows :-

Oil Discovery Acrasia # 1 Stuart Petroleum 75% Beach Petroleum 25%

* seven inch production casing has been set from surface to 2351
metres.

* a 3 metre interval of casing has been perforated opposite oil pay
in the Triassic Tinchoo Formation from 2188 metres to 2185 metres.
These perforations have been cleaned up with a flow of 52 barrels of
oil into surface storage.

* an 11.5 metre interval of casing has been perforated opposite oil
pay in the top of the Jurassic Hutton Formation from 1932 to 1920.5
metres. These perforations have been cleaned up with a flow of 12.3
barrels of oil into surface storage.

* a two zone, two packer, single string sequential completion has
been run. The bottom packer has been set at 2157 metres and the top
packer has been set at 1900 metres.

A 900 barrel surface storage capacity comprising 3 x 300 barrel tanks
with requisite bunding and pipework will be established shortly and
the following production tests will be carried out:-

These wells will test targets which the Company ranks highly and the
results of this programme are expected to have a seminal effect on
the Company's value and future.

Production of oil from the Acrasia Oilfield marks Stuart Petroleum's
transition from oil explorer to oil producer.


J G Branson
CHAIRMAN

MORE TO FOLLOW

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Acrasia Oilfield PEL90 Candra Block Cooper Basin SA

Document date: Thu 20 Jun 2002 Published: Thu 20 Jun 2002 17:02:00
Document No: 133508 Document part: B
Market Flag: Y
Classification: Progress Report
STUART PETROLEUM NL 2002-06-20 ASX-SIGNAL-G

HOMEX - Adelaide

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STUART PETROLEUM NL ON BEHALF OF THE STUART PETROLEUM / BEACH
PETROLEUM JOINT VENTURE

PEL 90 Candra Block, Cooper Basin, South Australia

OIL EXPLORATION APPRAISAL WELL ACRASIA # 2

PROGNOSIS

Operator: Stuart Petroleum NL

Participants: Stuart Petroleum NL 75%
Beach Petroleum Limited 25%

Location: Approximately 90 kilometres north of Innamincka
township, 1.2 kilometres west of Stuart / Beach
oil discovery Acrasia # 1.

AMG coordinates 27 deg 13' 58.67" south
140 deg 59' 03.23" east

Drilling Contractor: OD & E Pty Ltd, drill rig ODE # 30

Acrasia Structure: A four-way dip closure in Jurassic (Eromanga
Basin) and Triassic (Cooper Basin) strata draped
over a basement high. Acrasia # 1 flowed
commercial quantities of oil from the Tinchoo
Formation and recovered significant quantities
of oil from the Hutton and Birkhead Formations
on drill stem test in April 2002.

Target horizons:
AREA OF PROJECTED DEPTH
BASIN / UNIT TARGET CLOSURE DOWNHOLE
RANK (sq km) (m / ft)

EROMANGA BASIN
Birkhead Fmn exploration 1.1 1848 / 6063
Hutton Fmn appraisal 1.1 1921 / 6302
Poolowanna Fmn exploration 0.15 2090 / 6857

COOPER BASIN
Tinchoo Fmn exploration 0.15 2157 / 7077

Planned drilling & testing:

- drill 12(1/4") hole into Mackunda Formation

- set 730m (2395') of 9(5/8") surface casing
in Mackunda Formation.

- drill 8(1/2") hole to Birkhead Formation
and test off bottom if warranted.

- drill 8(1/2") hole 3m (10') into Hutton
Formation and drill stem test off bottom

- drill 8(1/2") hole ahead and test drilling
breaks and shows in the basal Hutton
Formation and in the Poolowanna Formation
if warranted.

- drill 8(1/2") hole 3m (10') into Tinchoo
Formation and drill stem test if warranted.

- drill 8(1/2") hole to economic basement.

Logs: - run wireline logs.

Completion: - subject to successful appraisal of the top
Hutton Formation and / or other sands,
Acrasia # 2 will be completed as an oil
producer.

MORE TO FOLLOW

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Ditto for BPT !!