re: trading halt - announcement
Here's the announcement:
4 June 2004 Australian Stock Exchange Limited Companies Announcement Office Electronic Lodgement System Dear Sir,
ANNOUNCEMENT TO ASX CLARIFICATION OF ADVERTISER ARTICLE - 3 JUNE 2004
Stuart Petroleum Limited wishes to clarify information published in The Advertiser 3 June 2004 regarding the Reg Sprigg West #1 and Derrilyn # 1 exploration wells.
The article stated both wells could be capable of flow rates approaching 1000 barrels of oil per day once completed for production. The estimate for Derrilyn is derived from the DST program, where the Hutton zone produced some 1700 barrels of oil per day.
The flow rate estimated for Reg Sprigg West # 1 is derived from a review of the wireline logs over the Tinchoo formation using an analogy drawn from the productivity of the adjacent Acrasia field where the Acrasia 1 and 3 wells have produced from the Tinchoo formation at rates in excess of 1000 barrels of oil per day.
Stuart advised in its last quarterly release, details of revenue and operating costs per barrel. The $2.3 million profit imputed in the article was estimated by the journalist.
Using the data contained in the last quarterly report, that estimate is consistent with the company’s estimate of cash profit for Stuart’s share of a full 12 months of production from both wells.
