Some Imformation i have gathered

STUART PETROLEUM NL
ASX Code: STU
ORDINARY FULLY PAID Industry Group Oil & Gas Exploration & Production –
Shares on Issue 58,370,000
Market Cap ($) 42,026,400

Reason for rise to current price:

1. 3,700,000 barrels of oil at 25 USD equals 92,500,00 USD Stuart’s share is 75% of that 69,375,000 USD or 121 710 526 AUD.

2. Stuart Petroleum's Operations Director, Mr Rod Hollingsworth, said today that initial oil production from the Acrasia-1 field would be at a rate of about 500 barrels a day (bopd) building to 1,000 bopd.
Gyro Maths: $25 USD per barrel equals $43 AUD at 57c
500 by $43 AUD equals $21 500 per day AUD or 7.8 Million per year 75% equals $5.85 million increasing to 11.7 million at 1000 barrels per year.
Total current resource 3 700 000 barrels divide by 365 000 barrels per year 10.1 years


STUART PETROLEUM NL 2002-05-08 ASX-SIGNAL-G

PEL 90 CANDRA BLOCK, COOPER/EROMANGA BASIN, SOUTH AUSTRALIA

As Operator for the Stuart Petroleum / Beach Petroleum Joint Venture,
Stuart Petroleum wishes to advise the results of first stage analysis
of the drilling and testing of Acrasis # 1:

* the drilling of Acrasia # 1 has indicated a resource of
approximately 3.7 million barrels of oil in place, and

* there is potential to increase the oil resource estimate in the
Acrasia structure by the drilling of another well west of Acrasia #
1.

Accordingly, the Joint Venture has decided to drill a second well on
the Acrasia structure, the appraisal well Acrasia # 2, located 1.2
kilometres west of Acrasia # 1. The objective of this well will be
to:

* increase the estimate of total oil-in-place in the Acrasia
structure, and to

* serve as a second take off point for production purposes.

Production testing of Acrasia # 1 is scheduled to begin within two to
three weeks and once this operation is underway the 0 D & E rig #30
will be moved to the Acrasia # 2 site to commence drilling
immediately.


3,700,000 barrels of oil at 25 USD equals 92,500,00 USD Stuarts share is 75% of that 69,375,000 USD or 121,710,526 AUD.