re: what the? BPT holds BPT steady. Has 25% interest in Acrasia...

re: what the? BPT holds BPT steady. Has 25% interest in Acrasia 2, STU 75%.


HOMEX Adelaide

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Acrasia #2 Progress Report

Acrasia #2, an exploration/appraisal well, in the Acrasia oil field was at 2,203 metres (7,228 feet) at O600 hours today and preparing to run Drill Stem Test (DST) No 2 in the mid-Tinchoo Formation.

DST No 1 over the interval 1,928.5 to 1,941.0 in the Hutton Formation recovered 89 barrels of water with a trace of oil.

The upper part of the Hutton reservoir appears to be poorly developed at this location.

Exploration target sands in the Birkhead and Poolowanna Formations were also poorly developed and showed only very minor traces of hydrocarbons.

Electric logs will be run at the end of this well and a full
re-interpretation of the drilling and seismic data carried out.

Development well, Acrasia #3 is still planned for later this year as an additional oilfield offtake point.

ACRASIA # 1

Production testing of Acrasia #1 is scheduled for testing to start later this week.


RJS Hollingsworth
DIRECTOR OF OPERATIONS


TECHNICAL DETAIL ACRASIA #2

PARTICIPANTS

Stuart Petroleum NL 75% and
Beach Petroleum NL 25%

LOCATION

Approximately 90 kilometres north of Innamincka township, 1.2 kilometres West of Stuart / Beach oil discovery Acrasia #1

AMG coordinates 27 degrees 13' 58.67" south, 140 degrees 59' 03.23" east.

DRILLING CONTRACTS

OD & E Pty Ltd, drill rig ODE # 30

ACRASIA STRUCTURE

A four-way dip closure in Jurassic (Eromanga Basin) and Triassic (Cooper Basin) strata draped over a basement high.

Acrasia # 1 flowed commercial quantities of oil from the Tinchoo, Formation and recovered significant quantities of oil from the Hutton and Birkhead formations on drill stem test in April 2002.

TARGET HORIZONS

Eromange/Birkhead Formation - At 1,848 metres (11.1 sqkm closure)
Eromange/Hutton Formation - At 1,921 metres, (1.1 sqkm closure)
Eromange/Poolowanna Formation - At 2,090 metres (0.15 sqkm closure)
Cooper/Tinchoo Formation - At 2,157 metres (0.15 sqkm closure)