STU/BPT 3.7m barrells

STUART PETROLEUM NL 2002-05-08
HOMEX - Adelaide

+++++++++++++++++++++++++
PEL 90 CANDRA BLOCK, COOPER/EROMANGA BASIN, SOUTH AUSTRALIA

As Operator for the Stuart Petroleum / Beach Petroleum Joint Venture,
Stuart Petroleum wishes to advise the results of first stage analysis
of the drilling and testing of Acrasis # 1:

* the drilling of Acrasia # 1 has indicated a resource of
approximately 3.7 million barrels of oil in place, and

* there is potential to increase the oil resource estimate in the
Acrasia structure by the drilling of another well west of Acrasia #
1.

Accordingly, the Joint Venture has decided to drill a second well on
the Acrasia structure, the appraisal well Acrasia # 2, located 1.2
kilometres west of Acrasia # 1. The objective of this well will be
to:

* increase the estimate of total oil-in-place in the Acrasia
structure, and to

* serve as a second take off point for production purposes.

Production testing of Acrasia # 1 is scheduled to begin within two to
three weeks and once this operation is underway the 0 D & E rig #30
will be moved to the Acrasia # 2 site to commence drilling
immediately.