+++++++++++++++++++++++++ As Operator for the Stuart Petroleum/Beach Petroleum Joint Venture (Candra Block PEL90 Cooper Basin South Australia - Stuart Petroleum 75 per cent interest) Stuart advises the following:
The first shipment of oil, 450 barrels, was made from the extended production testing programme on Acrasia #1, on 28 July 2002, just four months after the well was spudded.
All production from the extended test programme has been sold to Santos Limited and partners under a Production Off-take Agreement. The price received is equivalent to TAPIS crude (currently US$26 per barrel) less a transport and access charge.
The current production testing rate of 480 barrels per day will be progressively increased over the next six months, up to 800 barrels per day, when concurrent testing of Acrasia #2 commences.
This first shipment heralds the transition of Stuart Petroleum from explorer to producer.
Enquiries regarding this report and company business may be directed to:
Rod Hollingsworth Level 7 22 King William Street Adelaide South Australia 5000
STU Price at posting:
0.0¢ Sentiment: None Disclosure: Held
