27/08:Sydney - Wednesday - August 27: (RWE Australian Business...

27/08:

Sydney - Wednesday - August 27: (RWE Australian Business News) -
Stuart Petroleum (ASX:STU) lifted net profit 51pc to $13.2m in the year
to June 30.
Oil sales revenues was $60.2m, up 55pc.
Cash flow remains strong and with production from existing
reserves, provides a solid platform to capitalise on the Company's
growth opportunities in the Timor Sea and the Gippsland Basin.
Stuart has farmed-in to a 50% interest in a development project
in the offshore Timor Sea permit AC/P33. This permit contains the Oliver
Oilfield with potential recoverable oil and condensate estimated at 9.6
million barrels (Stuart share of a Mean Joint Venture volume of 19.3
million barrels).
Stuart has also farmed-in to a 50% interest to explore Gippsland
Basin Permit Vic-P53. Drilling will commence shortly on this permit with
the Bazzard 1 well, which will target potential recoverable oil of 100
million barrels.