N E W S ● R E L E A S E ● 7 February 2005 Stuart Logs a Fourth Month of Record Production and Raises Production Forecast Stuart Petroleum has today announced its fourth successive record month for oil production from its leases in the Cooper Basin in northern South Australia. Stuart Managing Director, Mr Tino Guglielmo said: "Stuart’s share of oil production in January was some 90,500 barrels, a 10% increase on December’s record performance. This increased production in the current high oil price environment is delivering strong cash flow to the company.” “Stuart has produced some 400,000 barrels of oil in the first seven months of this fiscal year and it is now appropriate to raise forecast production levels for this financial year to 750,000 barrels. This is almost double last year’s production rate,” Mr Guglielmo said. Stuart will recommence exploration drilling in the middle of next month with the Baystone oil and gas wildcat well. The well is some 2 kilometres west of Stuart and partner’s Reg Sprigg West discovery and in relatively close proximity to the Stuart operated Acrasia production facility. The Company plans to release its financial results for the half year on 21st of February. FOR FURTHER INFORMATION: Please contact Tino Guglielmo Stuart Petroleum Limited +61 8 8410 0611 Attachment: Stuart Monthly Production Plot Monthly Oil Production - Stuart Share 0 10 20 30 40 50 60 70 80 90 100 Jul-02 Dec-02 Jul-03 Dec-03 Jun-04 Dec-04 Jun-05 Thousands of Barrels
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