STUART PETROLEUM NL 2002-07-29 ASX-SIGNAL-GHOMEX -...

STUART PETROLEUM NL 2002-07-29 ASX-SIGNAL-G

HOMEX - Adelaide

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As Operator for the Stuart Petroleum/Beach Petroleum Joint Venture
(Candra Block PEL90 Cooper Basin South Australia - Stuart Petroleum
75 per cent interest) Stuart advises the following:

The first shipment of oil, 450 barrels, was made from the extended
production testing programme on Acrasia #1, on 28 July 2002, just
four months after the well was spudded.

All production from the extended test programme has been sold to
Santos Limited and partners under a Production Off-take Agreement.
The price received is equivalent to TAPIS crude (currently US$26 per
barrel) less a transport and access charge.

The current production testing rate of 480 barrels per day will be
progressively increased over the next six months, up to 800 barrels
per day, when concurrent testing of Acrasia #2 commences.

This first shipment heralds the transition of Stuart Petroleum from
explorer to producer.

Enquiries regarding this report and company business may be directed
to:

Rod Hollingsworth
Level 7
22 King William Street
Adelaide
South Australia 5000