Arwon # 1 Wildcat Exploration Well Stuart Petroleum Limited as the Operator for PEL93 and PEL113 in the Cooper/Eromanga Basins, South Australia, advises that Hunt Energy have been contracted to drill the oil and gas wildcat well Arwon # 1 .
The Arwon well is expected to spud on or about Thursday 23rd September 2004.
Well details: Licences: PEL93 and PEL113, South Australia. Participants: Stuart Petroleum Ltd (Operator) 88.8% Cooper Energy NL 11.2% Rig: Hunt Energy Rig No 3
Commentary: Arwon # 1 is located approximately 2.5 kilometres east-north-east of Worrior #1 and approximately 55km SW of the Moomba oil and gas processing plant. The Arwon prospect straddles the boundary of PEL 93 and PEL 113.
Stuart holds 70% of PEL93 and 100% of PEL113. Stuart and Cooper Energy have concluded a pre drill co-operation agreement for the prospect and any subsequent discovery which results in Stuart holding an 88.8% working interest and Cooper holding an 11.2% working interest.
The Arwon prospect is similar to the Worrior field in that it has the potential to contain hydrocarbons in four stacked reservoirs (McKinlay, Hutton, Birkhead and Patchawarra).
The Arwon prospect is interpreted to have a chance of success which is slightly higher than that normally carried for an exploration well and the reason for this is that Arwon is thought to lie on the hydrocarbon migration pathway from the Daralingie trough through to Worrior.
Arwon is assessed to contain up to 15.5 million barrels of oil in place in three reservoirs [McKinlay, Birkhead and Hutton] and 2.5 BCF of gas in place in the lowermost Patchawarra formation.
The assessed potential 2P ultimate recovery for Arwon is 5 million barrels.
The well is expected to reach its first target after 6 days of drilling and to be at total depth after 14 days of drilling.
Tino Guglielmo Chief Executive Officer For further information please contact: Chief Executive Officer Tino Guglielmo
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