new oilfield discovery, page-4

From " the Advertiser Newspaper' Weds 07 Nov 07

Fresh oil strike in north-east

Stuart petroleum has found a new oil field in the Cooper Basin in the States north-east.
The Adelaide based oil and gas company said yesterday its Cleansweep 1 well had struck oil, and produced at a rate equivalent to 400 barrels of oil per day for four hours.
Managing Director Tino Guglielmo said the pre-drill estimate of the oil in place was 1.5 million barrels.
A reserve estimate will be calculated following the completion of the well he said.
The cleansweep oil discovery is a most pleasing outcome for the first well drilled in our newly acquired 50 percent interest in the PEL 100 licence.
Our production team is planning to install a modular Productionfacility at Cleansweep to bring the well on to production as soon as possible with all the oil trucked to the Moomba export facility