South Australian based oil exploration and production company, Stuart Petroleum Limited (ASX Code: STU) today announced that an independent review of the results of the Company’s recent drilling has, as at 31 October, increased the Company’s oil reserves by 624,000 barrels to 3,080,000 barrels. These additional reserves have been recognised as a consequence of the drilling of the successful Worrior 5 and Worrior 6 development wells, continuing strong production performance from the Padulla Oilfield, and the addition of new reserves from Stuart’s 50% owned Cleansweep 1 discovery. Commenting on the reserves increase, the Managing Director of Stuart, Mr Tino Guglielmo said “Stuart’s increased reserves base underpins its recent strong production performance, which is expected to continue for at least the remainder of the current financial year�. “Stuart’s production expectations for the full 2007/08 financial year are, as a result, now forecast to fall within the range of 525,000 to 575,000 barrels of oil� Mr Guglielmo added.
STU Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
