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Petroleum Exploration Licence 113
The licence hosts the high impact Arwon exploration well, which alone, if successful, could double the
Company’s reserves base. The Arwon structure is shared between PELs 113 and 93. Stuart retains 88.8% of
the Arwon structure.
The Priscilla Seismic Survey defined a number of oil prospects in the south east of the licence. Seismic
mapping is ongoing but has already identified 12 prospects. The total unrisked resource potential of these
prospects in 16 billion cubic feet of Original Gas In Place and 17.5 million barrels of Oil In Place.
Harpoono #1 on the Dunoon Ridge and south-west of Saintly found oil in a Murta Member reservoir and
will commence a long term production test later in the year. Jezabeel #1 will be drilled later in the year at a
location south-west of Harpoono.
Derrilyn #1 was drilled with the neighbouring PEL 114 licence holder. The prospect straddles PELs 113 and
114 and was previously known as Stuart’s Toparoa Prospect. The well drilled in PEL 114 discovered oil in
three zones and commenced production in October 2004.
Two 3D seismic surveys are proposed. The Saintly/Derrilyn and the Harpoono 3D survey will cover the
eastern end of the Dunoon Ridge. The Zulu 2D seismic survey will be recorded in the south-west area of the
licence in October/November 2004 to define a number of prospects on the Dirkala Ridge.
Stuart farmed out the Saintly #1, Harpoono #1 and Jezabeel #1 prospects and was free carried through the
drilling cycle for these wells whilst retaining a 67% equity.