As Operator for the Stuart Petroleum/Beach Petroleum Joint Venture (PEL90 Candra Block, Cooper Basin South Australia - Stuart Petroleum 75 per cent interest) Stuart advises the following.
Development/appraisal well Acrasia 3 is sited 480 metres west north-west of Acrasia #1 and has a programmed depth of 2,365 metres. At 6am Central Summer Time the well was at 1,925 metres, drilled with an 8 (1/2") diameter hole.
The drill string was being pulled out of the hole preparatory to testing the following shows:-
* 1,908 to 1,915 metres- 40% to 70% sand with 100% fluorescence and instant streaming solvent cut, indicative of live oil.
* 1,919 to 1,925 metres. 100% sand with 100% fluorescence and instant streaming cut.
Both sands are contained within the middle Jurassic Eromanga Basin succession. They are tentatively correlated with the basal Birkhead Formation and sands near the top of the Hutton Sandstone, respectively.
Results of drillstem testing are expected to be known later today or tonight.
The well will then drill on to intersect the Tinchoo Formation at around 2,145 metres. Secondary targets in the basal Hutton Sandstone (2,054 metres) and the Poolowanna Formation (2,081 metres) will also be evaluated.
STU Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
