re: punters ignore cooper basin riches
Died in the bum after the News Ltd article, seems to have improved the buying depth at 30c is all... of course I hold..at 32c.lol.....
Third Quarter Activities Report
STUART PETROLEUM LIMITED 2003-04-29 ASX-SIGNAL-G
HOMEX - Adelaide
+++++++++++++++++++++++++ APPOINTMENTS
Mr Tino Guglielmo has accepted appointment as Stuart Petroleum Limited's Chief Executive Officer.
Mr Guglielmo, 44, has a distinguished 23 year record as a petroleum executive both domestically and overseas. He is well-credentialled in the Cooper Basin and has particular expertise in Business Improvement, Reservoir Optimisation and Petroleum Engineering.
Mr Rod Hollingsworth will continue as a director of the Company after his decision to retire from executive duties takes effect on 30 June next.
Mr Stephen Mayer has taken up his appointment as Stuart Petroleum Limited's Field Supervisor. Mr Mayer, 44, has more than 20 years experience in management of hydrocarbon production in onshore Australia. He has particular experience in the Cooper Basin.
OIL PRODUCTION
The Company produced and sold 33,107 barrels of oil from its Acrasia Oilfield during the March Quarter. Production was down from 44,050 barrels in the preceding quarter as a result of 22 production days lost to seasonal rains.
PLANNED WORK
* Infrastructure at Acrasia Oilfield (Stuart 75% and Operator) The surface equipment for the jet pump unit on Acrasia #2 is currently being mobilised and loaded for transport to the field on 2 May, while the down hole unit is expected to be ready for installation at the end of the following week. A second jet pump is scheduled for installation on Acrasia #3 in the third week in May and both units are expected to be on stream by the end of May.
Pump operation will significantly lift the levels of oil production from Acrasia #2.
Plans are also in hand to hydraulically connect Acrasia #1 to the jet pump installation, thereby increasing the rate of oil production from Acrasia #1.
Ongoing improvements to the efficiency of operations at the Acrasia Oilfield will continue, with further work on connecting roads, oil storage and water knock-out tanks, workshops and personnel facilities. This work will result in operating cost reductions.
EXPLORATION
Plans for drilling are being developed around the following targets:
(i) ARWON #1 (PELA 113)
Subject to the grant of the PEL113 licence (expected imminently) the Company's next well is planned to test a four way dip closure in Eromanga and Cooper Basin strata approximately 10 kilometres south west of Santos and partners' Daralingie gas/condensate field, some 47 kilometres south west of Moomba.
Arwon is a robust structure which formed early in terms of local geological history. It is updip to the west of, and close to, the trough which is thought to have been the source of hydrocarbons trapped in the Daralingie structure to the east. Drilling will aim to discover up to 1.5 million barrels of oil in the Namur Sandstone and 2.1 million barrels in the Patchawarra Formation and up to 3.0 billion cubic feet of gas in the Epsilon Formation.
(ii) WARRIOR #1 (PEL 93)
Subject to satisfactory results from the drilling of Arwon #1 the Company's second well for 2003 is programmed to test a four way dip closure in Eromanga Basin strata, up dip of, and 3 kilometres south west of, Arwon #1. Cooper Basin strata are expected to be thin at the Warrior location as in the near by Pando #1 well. Drilling will target the discovery of up to 1.1 million barrels of oil in the Namur Sandstone of the Eromanga Basin and 3.8 million barrels of oil in the Cooper Basin's Patchawarra Formation.
(iii) DELTA #1 / Kiwi #1 (PEL90 Maribu Block)
Discussions are underway with Cooper Energy NL with regard to the potential for oil discovery at these locations, firmed up as a result of seismic acquired in 2002.
Subject to these discussions and the satisfactory completion of site location procedures, one of these localities will be chosen for drilling as the Company's third well in 2003.
The Delta target is a four way dip drape closure in Eromanga and thin Cooper Basin strata approximately 4.5 kilometres south west of Santos and partners' oil discovery James #1. The structure lies on the James nose, along the presumed oil migration pathway between the deeply buried oil generative trough to the south and the James #1 oil discovery. Both the Tinchoo Formation and basal Paning Member sands are considered prospective for oil discovery at Delta.
The Kiwi target is a four way dip drape closure in Eromanga strata on a structural plateau bald of Permian rocks. It lies approximately 5.5 kilometres north of Santos and partners' Keleary oilfield and it occupies a site particularly receptive to hydrocarbons migrating westerly updip from deeply buried Permian generative strata in the Arrabury Trough. Each of the TInchoo Formation, the Poolowanna Formation and Birkhead Formation sands are prospective for the discovery of oil at Kiwi.
(iv) DORIEMUS #1 (PEL102)
The Company's fourth well in 2003 is likely to be Doriemus #1. This well will be located on the south eastern flank of a structure which contains the Packsaddle-Pondrinie gasfield. This gasfield is currently being produced by Santos and partners from the section of the structure which lies outside the limits of Stuart's acreage.
Interpretation of the results of downdip well Packsaddle #2 and the Pondrinie wells indicates that Doriemus has potential for discovery of gas in the Toolachee and Patchawarra Formations and possibly for the discovery of oil in the Merrimelia Formation, all within the Cooper Basin succession.
GENERAL
Processing and interpretation of 2002 seismic data is continuing. This work is expected to add further to the Company's already extensive portfolio of hydrocarbon prospects mature for drilling.
J G Branson CHAIRMAN 23 April 2003
Third Quarter Activities Report
STUART PETROLEUM LIMITED 2003-04-29 ASX-SIGNAL-G
HOMEX - Adelaide
+++++++++++++++++++++++++ APPOINTMENTS
Mr Tino Guglielmo has accepted appointment as Stuart Petroleum Limited's Chief Executive Officer.
Mr Guglielmo, 44, has a distinguished 23 year record as a petroleum executive both domestically and overseas. He is well-credentialled in the Cooper Basin and has particular expertise in Business Improvement, Reservoir Optimisation and Petroleum Engineering.
Mr Rod Hollingsworth will continue as a director of the Company after his decision to retire from executive duties takes effect on 30 June next.
Mr Stephen Mayer has taken up his appointment as Stuart Petroleum Limited's Field Supervisor. Mr Mayer, 44, has more than 20 years experience in management of hydrocarbon production in onshore Australia. He has particular experience in the Cooper Basin.
OIL PRODUCTION
The Company produced and sold 33,107 barrels of oil from its Acrasia Oilfield during the March Quarter. Production was down from 44,050 barrels in the preceding quarter as a result of 22 production days lost to seasonal rains.
PLANNED WORK
* Infrastructure at Acrasia Oilfield (Stuart 75% and Operator) The surface equipment for the jet pump unit on Acrasia #2 is currently being mobilised and loaded for transport to the field on 2 May, while the down hole unit is expected to be ready for installation at the end of the following week. A second jet pump is scheduled for installation on Acrasia #3 in the third week in May and both units are expected to be on stream by the end of May.
Pump operation will significantly lift the levels of oil production from Acrasia #2.
Plans are also in hand to hydraulically connect Acrasia #1 to the jet pump installation, thereby increasing the rate of oil production from Acrasia #1.
Ongoing improvements to the efficiency of operations at the Acrasia Oilfield will continue, with further work on connecting roads, oil storage and water knock-out tanks, workshops and personnel facilities. This work will result in operating cost reductions.
EXPLORATION
Plans for drilling are being developed around the following targets:
(i) ARWON #1 (PELA 113)
Subject to the grant of the PEL113 licence (expected imminently) the Company's next well is planned to test a four way dip closure in Eromanga and Cooper Basin strata approximately 10 kilometres south west of Santos and partners' Daralingie gas/condensate field, some 47 kilometres south west of Moomba.
Arwon is a robust structure which formed early in terms of local geological history. It is updip to the west of, and close to, the trough which is thought to have been the source of hydrocarbons trapped in the Daralingie structure to the east. Drilling will aim to discover up to 1.5 million barrels of oil in the Namur Sandstone and 2.1 million barrels in the Patchawarra Formation and up to 3.0 billion cubic feet of gas in the Epsilon Formation.
(ii) WARRIOR #1 (PEL 93)
Subject to satisfactory results from the drilling of Arwon #1 the Company's second well for 2003 is programmed to test a four way dip closure in Eromanga Basin strata, up dip of, and 3 kilometres south west of, Arwon #1. Cooper Basin strata are expected to be thin at the Warrior location as in the near by Pando #1 well. Drilling will target the discovery of up to 1.1 million barrels of oil in the Namur Sandstone of the Eromanga Basin and 3.8 million barrels of oil in the Cooper Basin's Patchawarra Formation.
(iii) DELTA #1 / Kiwi #1 (PEL90 Maribu Block)
Discussions are underway with Cooper Energy NL with regard to the potential for oil discovery at these locations, firmed up as a result of seismic acquired in 2002.
Subject to these discussions and the satisfactory completion of site location procedures, one of these localities will be chosen for drilling as the Company's third well in 2003.
The Delta target is a four way dip drape closure in Eromanga and thin Cooper Basin strata approximately 4.5 kilometres south west of Santos and partners' oil discovery James #1. The structure lies on the James nose, along the presumed oil migration pathway between the deeply buried oil generative trough to the south and the James #1 oil discovery. Both the Tinchoo Formation and basal Paning Member sands are considered prospective for oil discovery at Delta.
The Kiwi target is a four way dip drape closure in Eromanga strata on a structural plateau bald of Permian rocks. It lies approximately 5.5 kilometres north of Santos and partners' Keleary oilfield and it occupies a site particularly receptive to hydrocarbons migrating westerly updip from deeply buried Permian generative strata in the Arrabury Trough. Each of the TInchoo Formation, the Poolowanna Formation and Birkhead Formation sands are prospective for the discovery of oil at Kiwi.
(iv) DORIEMUS #1 (PEL102)
The Company's fourth well in 2003 is likely to be Doriemus #1. This well will be located on the south eastern flank of a structure which contains the Packsaddle-Pondrinie gasfield. This gasfield is currently being produced by Santos and partners from the section of the structure which lies outside the limits of Stuart's acreage.
Interpretation of the results of downdip well Packsaddle #2 and the Pondrinie wells indicates that Doriemus has potential for discovery of gas in the Toolachee and Patchawarra Formations and possibly for the discovery of oil in the Merrimelia Formation, all within the Cooper Basin succession.
GENERAL
Processing and interpretation of 2002 seismic data is continuing. This work is expected to add further to the Company's already extensive portfolio of hydrocarbon prospects mature for drilling.
J G Branson CHAIRMAN 23 April 2003
STU Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
