I saw the below announcement as positive, for STU with regard to some revenue over the next six months and possibly and upgrade in the reserves of the Arcasia field. It seems these boys know what they are doing and the patience is going to pay off for them. Any other comments out there from STU followers?
Acrasia Oil Field-Production Off-take Agreement/updates
Document date: Thu 18 Jul 2002 Published: Thu 18 Jul 2002 10:17:48
Document No: 133705 Document part: A
Market Flag: Y
Classification: Progress Report
STUART PETROLEUM NL 2002-07-18 ASX-SIGNAL-G
HOMEX - Adelaide
+++++++++++++++++++++++++
PRODUCTION AND APPRAISAL UPDATE
Stuart Petroleum and Beach Petroleum have executed an Off-take
Agreement for the sale of Acrasia light crude oil to Santos Limited
and partners, for 2 period of six months.
Production during the long term testing of Acrasia structure is
scheduled at up to a combined 800 barrels of oil per day.
Responsibility for transport of the oil to the Moomba facilities
resides with the purchaser.
Acrasia #1 production testing has commenced. The Hutton Formation
test has been completed, and testing of the Tinchoo Formation has
commenced. This will be followed by extended testing for a period of
up to six months. Acrasia #2 has been cased and suspended for future
completion and production, and OD & E Rig 30 released.
Interpretation of the electric logs and drill stem test charts
indicates the influx of water recorded in DST No 2 over a section of
the Tinchoo Formation co-incided with packer failure. The test flowed
46 degrees API oil to surface at a rate of 620 barrels of oil per day
(through a (1/2") choke for 50 minutes) prior to packer failure.
Accordingly, a clean oil flow is anticipated when this zone is
production tested.
An updated Acrasia Oil Field resource estimate is in progress,
incorporating the results of Acrasia #2.
An important well result was the 11 metres high to prognosis. This
could impact favourably on the volume of oil attributable to the
formation across the Acrasia structure.
The completion of an off-take agreement and the commencement of
production testing heralds an inaugural revenue stream for the
Company less than four months after spudding its first well.
J Branson
CHAIRMAN
Enquiries regarding this report and company business may be directed
to:
Rod Hollingsworth
Level 7
22 King William Street
Adelaide
South Australia 5000
Telephone: (08) 8410 0611
Fax: (08) 8410 0250
email: [email protected]
- Forums
- ASX - By Stock
- Todays update
Todays update
-
- There are more pages in this discussion • 1 more message in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)