encouraging oil shows in all primary targets

Australian Stock Exchange Limited
Companies Announcement Office
Electronic Lodgement System
Dear Sir,
ANNOUNCEMENT TO ASX
DRILLING REPORT: ACRASIA #4
PEL 90 / PPL 203, COOPER / EROMANGA BASIN, SA
Stuart Petroleum Limited advises that Acrasia #4 has drilled through the top Hutton
sand and is currently running in the hole with DST #1 over the interval 2042 metres
to 2047.5 metres to evaluate oil shows in lower Hutton sand not previously tested.
Encouraging shows were noted while drilling the primary targets, the lower
Birkhead and upper Hutton sands. These zones may not be tested prior to
completion and will further be evaluated with wireline logs after drilling to total
depth. The status of Acrasia #4 at 06:00 hrs (CST) on the 1st August 2005 was:
Location: PEL 90 / PPL 203, 160m east of Acrasia #1
Planned Total Depth: 2350 metres
Current depth: 2047.5m
Operation: Running in the hole with test tools for DST #1
Spud: 13:30hrs 20th July 2005
Participants in the Acrasia #4 well are:
Stuart Petroleum Limited (Operator) 75% (STU)
Beach Petroleum Limited (Mawson Petroleum Pty Ltd) 25% (BPT)
Yours faithfully,
Tino Guglielmo
Managing Director
Level 7, 22 King William Street, Adelaide, South Australia 5000 Telephone: (08) 8410 0611
PO Box 8148, Station Arcade, Adelaide, South Australia 5000 Facsimile: (08) 8410 0250
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