wireline logs indicate oil: drill testing now, page-13

Here is Tino Guglielmo in his Stewrat days 22nd sept 2003

RESULT OF DST #1: WORRIOR # 1
PEL 93, COOPER/EROMANGA BASIN, SA

Stuart wishes to report the results of DST 1 run over the interval 1321m – 1335mKB in the McKinlay Member/Namur formation on Friday 19th September 2003.

The zone flowed oil to surface at a stabilized rate of 1600 Barrels per day, at 85psi on a ½ choke, over a 90 minute flow period. The oil is characterized as light with 50 degree API gravity. A full string of oil, 57 barrels, was recovered upon reverse circulation at the completion of the test. There was no water produced during the test or in the recovery and no depletion is evident from the pressure recorders.

The significance of this new zone oil discovery will be fully evaluated following the acquisition of wireline logs at the completion of the drilling operations.

A report will be issued shortly thereafter. Participants in the PEL 93 Joint Venture are:
Stuart Petroleum Limited (Operator) 70%
Cooper Energy NL 30%
Yours faithfully,
Tino Guglielmo
Chief Executive Officer