stuart confident of worrior repeat at arwon-1
Stuart confident of Worrior repeat at Arwon-1
Tuesday, September 21, 2004 Operator Stuart Petroleum will begin drilling its Arwon-1 well this week full of confidence after last week's Worrior-2 success.
Located in the South Australian Cooper Basin permit PEL93, the oil and gas wildcat is expected to spud on or about Thursday approximately 2.5km from Worrior-1 and approximately 55km from the Moomba oil and gas processing plant.
Stuart and Cooper Energy have concluded a pre drill co-operation agreement for the prospect and any subsequent discovery which results in Stuart holding an 88.8% working interest and Cooper holding an 11.2% working interest.
The Arwon prospect is similar to the Worrior field in that it has the potential to contain hydrocarbons in four stacked reservoirs (McKinlay, Hutton, Birkhead and Patchawarra).
"The Arwon prospect is interpreted to have a chance of success which is slightly higher than that normally carried for an exploration well as it is thought to lie on the hydrocarbon migration pathway from the Daralingie trough through to Worrior," said Stuart Petroleum.
Arwon is assessed to contain up to 15.5 million barrels of oil in place in three reservoirs [McKinlay, Birkhead and Hutton] and 2.5 BCF of gas in place in the lowermost Patchawarra formation. The assessed potential 2P ultimate recovery for Arwon is five million barrels.
STU Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
