re: disco stu....doing the do Stuart boosts production and sales...

re: disco stu....doing the do Stuart boosts production and sales in first quarter
11:41, Monday, 25 October 2004

Sydney - Monday - October 25: (RWE Australian Business News) -
Stuart Petroleum Ltd reports production and sales for the three months
to September 30 totalled 110,900 barrels, representing a 66 per cent
rise over the previous corresponding quarter.
This is the second-highest result on record.
Sales revenue for the quarter rose 59 per cent to $4.6 million
or some $41.77 per barrel.
Operating costs totalled $3.5 million or some $31.43 per barrel
including overheads and non cash costs.
This is broadly in line with the previous year's performance.
Stuart expects cost reduction opportunities to be favourably
influenced by an increase in lower cost production from the Worrior and
Derrilyn fields.

*****

The Worrior field continued to perform strongly during the
quarter, producing some 88,000 barrels, with the Acrasia field producing
more than 22,000 barrels. All figures are Stuart share.
Derrilyn-1 (Stuart 35pc) was completed in June and started
production on September 23 at restricted rates whilst the Cooper Basin
Joint Venture's Limestone Creek pipeline was surveyed.
Derrilyn offtake will be increased to an estimated rate of 1500
BOPD following the pipeline inspection.
Inclement weather in August and September caused the deferral of
9000 barrels of production from Worrior during the quarter with a
similar amount deferred due to limited trucking resources.
Increased trucking resources were arriving in the field
progressively throughout October to cope with the significant increase
in oil production capacity from Worrior.
Even with current trucking constraints, the company has forecast
production to rise to a record level of 50,000 barrels (Stuart share) in
October.
A further increase is expected in November as additional
trucking resources become available for Worrior and Derrilyn is returned
to full production.
Stuart expects second-quarter production (and revenues) to
comfortably exceed the previous record quarter of some 114,000 barrels.
Shares in Stuart rose 8c to $1.35 this morning.
ENDS