+++++++++++++++++++++++++ OIL EXPLORATION APPRAISAL WELL ACRASIA 2
Well Report #2 0900 hours 25 June 2002
Activity:
At 0600 hours the well was drilling ahead at 1294 metres (4244 feet). Surface casing has been set at 692 metres (2270 feet). The well will drill ahead to the first exploration target the Birkhead Formation expected at 1848 metres (6063 feet).
Participants:
Stuart Petroleum NL 75% Beach Petroleum NL 25%
Location:
Approximately 90 kilometres north of Innamincka township, 1.2 kilometres West of Stuart/Beach oil discovery Acrasia #1.
AMG coordinates 27Deg 13' 58.67" south 140Deg 59' 03.23" east
Drilling Contracts:
OD & E Pty Ltd, drill rig ODE # 30
Acrasia Structure:
A four-way dip closure in Jurassic (Eromanga Basin) and Triassic (Cooper Basin) strata draped over a basement high. Acrasia #1 flowed commercial quantities of oil from the Tinchoo Formation and recovered significant quantities of oil from the Hutton and Birkhead formations on drill stem test in April 2002.
TARGET HORIZONS -
AREA OF PROJECTED BASIN/UNIT TARGET CLOSURE INTERCEPT DEPTH RANK (KMSQ) DOWNHOLE (M/FT)
