Sell the announcement as it was already factored in...
buy the retrace..
Stuart Petroleum Ltd ABN 58 059 146 226 Drilling Arwon # 1 Exploration Well Enquiries regarding this report and company business may be directed to: Tino Guglielmo Chief Executive Officer Level 7 22 King William Street Adelaide, 5000 South Australia Tel: (+61) 8 8410 0611 Fax: (+61) 8 8410 0250 Stuart Petroleum is a publicly listed company on the ASX-ticker symbol STU. Stuart has title to 4 blocks totalling 5,051 km2 in the Cooper Basin. Stuart is a specialist Exploration & Production company in a world class oil and gas province. 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 Targets: McKinlay (oil) Birkhead (oil) Hutton (oil) Patchawarra (gas) Potential 2P reserves: 5 million barrels Stuart Petroleum Limited ABN 58 059 146 226 2 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 on (08) 8410 0611 Stuart Petroleum Limited [ASX symbol: STU] is a specialist Cooper Basin Exploration and Production company with a significant land holding in the South Australian Cooper Basin, a world class oil and gas province. Email: [email protected] Web Site: www.stuartpetroleum.com.au
STU Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
