chart, page-9

re: punters ignore cooper basin riches Died in the bum after the News Ltd article, seems to have improved the buying depth at 30c is all...
of course I hold..at 32c.lol.....


Third Quarter Activities Report

STUART PETROLEUM LIMITED 2003-04-29 ASX-SIGNAL-G

HOMEX - Adelaide

+++++++++++++++++++++++++
APPOINTMENTS

Mr Tino Guglielmo has accepted appointment as Stuart Petroleum
Limited's Chief Executive Officer.

Mr Guglielmo, 44, has a distinguished 23 year record as a petroleum
executive both domestically and overseas. He is well-credentialled in
the Cooper Basin and has particular expertise in Business
Improvement, Reservoir Optimisation and Petroleum Engineering.

Mr Rod Hollingsworth will continue as a director of the Company after
his decision to retire from executive duties takes effect on 30 June
next.

Mr Stephen Mayer has taken up his appointment as Stuart Petroleum
Limited's Field Supervisor. Mr Mayer, 44, has more than 20 years
experience in management of hydrocarbon production in onshore
Australia. He has particular experience in the Cooper Basin.

OIL PRODUCTION

The Company produced and sold 33,107 barrels of oil from its Acrasia
Oilfield during the March Quarter. Production was down from 44,050
barrels in the preceding quarter as a result of 22 production days
lost to seasonal rains.

PLANNED WORK

* Infrastructure at Acrasia Oilfield (Stuart 75% and Operator) The
surface equipment for the jet pump unit on Acrasia #2 is currently
being mobilised and loaded for transport to the field on 2 May, while
the down hole unit is expected to be ready for installation at the
end of the following week. A second jet pump is scheduled for
installation on Acrasia #3 in the third week in May and both units
are expected to be on stream by the end of May.

Pump operation will significantly lift the levels of oil production
from Acrasia #2.

Plans are also in hand to hydraulically connect Acrasia #1 to the jet
pump installation, thereby increasing the rate of oil production from
Acrasia #1.

Ongoing improvements to the efficiency of operations at the Acrasia
Oilfield will continue, with further work on connecting roads, oil
storage and water knock-out tanks, workshops and personnel
facilities. This work will result in operating cost reductions.

EXPLORATION

Plans for drilling are being developed around the following targets:

(i) ARWON #1 (PELA 113)

Subject to the grant of the PEL113 licence (expected imminently) the
Company's next well is planned to test a four way dip closure in
Eromanga and Cooper Basin strata approximately 10 kilometres south
west of Santos and partners' Daralingie gas/condensate field, some 47
kilometres south west of Moomba.

Arwon is a robust structure which formed early in terms of local
geological history. It is updip to the west of, and close to, the
trough which is thought to have been the source of hydrocarbons
trapped in the Daralingie structure to the east. Drilling will aim to
discover up to 1.5 million barrels of oil in the Namur Sandstone and
2.1 million barrels in the Patchawarra Formation and up to 3.0
billion cubic feet of gas in the Epsilon Formation.

(ii) WARRIOR #1 (PEL 93)

Subject to satisfactory results from the drilling of Arwon #1 the
Company's second well for 2003 is programmed to test a four way dip
closure in Eromanga Basin strata, up dip of, and 3 kilometres south
west of, Arwon #1. Cooper Basin strata are expected to be thin at the
Warrior location as in the near by Pando #1 well. Drilling will
target the discovery of up to 1.1 million barrels of oil in the Namur
Sandstone of the Eromanga Basin and 3.8 million barrels of oil in the
Cooper Basin's Patchawarra Formation.

(iii) DELTA #1 / Kiwi #1 (PEL90 Maribu Block)

Discussions are underway with Cooper Energy NL with regard to the
potential for oil discovery at these locations, firmed up as a result
of seismic acquired in 2002.

Subject to these discussions and the satisfactory completion of site
location procedures, one of these localities will be chosen for
drilling as the Company's third well in 2003.

The Delta target is a four way dip drape closure in Eromanga and thin
Cooper Basin strata approximately 4.5 kilometres south west of Santos
and partners' oil discovery James #1. The structure lies on the James
nose, along the presumed oil migration pathway between the deeply
buried oil generative trough to the south and the James #1 oil
discovery. Both the Tinchoo Formation and basal Paning Member sands
are considered prospective for oil discovery at Delta.

The Kiwi target is a four way dip drape closure in Eromanga strata on
a structural plateau bald of Permian rocks. It lies approximately 5.5
kilometres north of Santos and partners' Keleary oilfield and it
occupies a site particularly receptive to hydrocarbons migrating
westerly updip from deeply buried Permian generative strata in the
Arrabury Trough. Each of the TInchoo Formation, the Poolowanna
Formation and Birkhead Formation sands are prospective for the
discovery of oil at Kiwi.

(iv) DORIEMUS #1 (PEL102)

The Company's fourth well in 2003 is likely to be Doriemus #1. This
well will be located on the south eastern flank of a structure which
contains the Packsaddle-Pondrinie gasfield. This gasfield is
currently being produced by Santos and partners from the section of
the structure which lies outside the limits of Stuart's acreage.

Interpretation of the results of downdip well Packsaddle #2 and the
Pondrinie wells indicates that Doriemus has potential for discovery
of gas in the Toolachee and Patchawarra Formations and possibly for
the discovery of oil in the Merrimelia Formation, all within the
Cooper Basin succession.

GENERAL

Processing and interpretation of 2002 seismic data is continuing.
This work is expected to add further to the Company's already
extensive portfolio of hydrocarbon prospects mature for drilling.

J G Branson
CHAIRMAN
23 April 2003

Third Quarter Activities Report

STUART PETROLEUM LIMITED 2003-04-29 ASX-SIGNAL-G

HOMEX - Adelaide

+++++++++++++++++++++++++
APPOINTMENTS

Mr Tino Guglielmo has accepted appointment as Stuart Petroleum
Limited's Chief Executive Officer.

Mr Guglielmo, 44, has a distinguished 23 year record as a petroleum
executive both domestically and overseas. He is well-credentialled in
the Cooper Basin and has particular expertise in Business
Improvement, Reservoir Optimisation and Petroleum Engineering.

Mr Rod Hollingsworth will continue as a director of the Company after
his decision to retire from executive duties takes effect on 30 June
next.

Mr Stephen Mayer has taken up his appointment as Stuart Petroleum
Limited's Field Supervisor. Mr Mayer, 44, has more than 20 years
experience in management of hydrocarbon production in onshore
Australia. He has particular experience in the Cooper Basin.

OIL PRODUCTION

The Company produced and sold 33,107 barrels of oil from its Acrasia
Oilfield during the March Quarter. Production was down from 44,050
barrels in the preceding quarter as a result of 22 production days
lost to seasonal rains.

PLANNED WORK

* Infrastructure at Acrasia Oilfield (Stuart 75% and Operator) The
surface equipment for the jet pump unit on Acrasia #2 is currently
being mobilised and loaded for transport to the field on 2 May, while
the down hole unit is expected to be ready for installation at the
end of the following week. A second jet pump is scheduled for
installation on Acrasia #3 in the third week in May and both units
are expected to be on stream by the end of May.

Pump operation will significantly lift the levels of oil production
from Acrasia #2.

Plans are also in hand to hydraulically connect Acrasia #1 to the jet
pump installation, thereby increasing the rate of oil production from
Acrasia #1.

Ongoing improvements to the efficiency of operations at the Acrasia
Oilfield will continue, with further work on connecting roads, oil
storage and water knock-out tanks, workshops and personnel
facilities. This work will result in operating cost reductions.

EXPLORATION

Plans for drilling are being developed around the following targets:

(i) ARWON #1 (PELA 113)

Subject to the grant of the PEL113 licence (expected imminently) the
Company's next well is planned to test a four way dip closure in
Eromanga and Cooper Basin strata approximately 10 kilometres south
west of Santos and partners' Daralingie gas/condensate field, some 47
kilometres south west of Moomba.

Arwon is a robust structure which formed early in terms of local
geological history. It is updip to the west of, and close to, the
trough which is thought to have been the source of hydrocarbons
trapped in the Daralingie structure to the east. Drilling will aim to
discover up to 1.5 million barrels of oil in the Namur Sandstone and
2.1 million barrels in the Patchawarra Formation and up to 3.0
billion cubic feet of gas in the Epsilon Formation.

(ii) WARRIOR #1 (PEL 93)

Subject to satisfactory results from the drilling of Arwon #1 the
Company's second well for 2003 is programmed to test a four way dip
closure in Eromanga Basin strata, up dip of, and 3 kilometres south
west of, Arwon #1. Cooper Basin strata are expected to be thin at the
Warrior location as in the near by Pando #1 well. Drilling will
target the discovery of up to 1.1 million barrels of oil in the Namur
Sandstone of the Eromanga Basin and 3.8 million barrels of oil in the
Cooper Basin's Patchawarra Formation.

(iii) DELTA #1 / Kiwi #1 (PEL90 Maribu Block)

Discussions are underway with Cooper Energy NL with regard to the
potential for oil discovery at these locations, firmed up as a result
of seismic acquired in 2002.

Subject to these discussions and the satisfactory completion of site
location procedures, one of these localities will be chosen for
drilling as the Company's third well in 2003.

The Delta target is a four way dip drape closure in Eromanga and thin
Cooper Basin strata approximately 4.5 kilometres south west of Santos
and partners' oil discovery James #1. The structure lies on the James
nose, along the presumed oil migration pathway between the deeply
buried oil generative trough to the south and the James #1 oil
discovery. Both the Tinchoo Formation and basal Paning Member sands
are considered prospective for oil discovery at Delta.

The Kiwi target is a four way dip drape closure in Eromanga strata on
a structural plateau bald of Permian rocks. It lies approximately 5.5
kilometres north of Santos and partners' Keleary oilfield and it
occupies a site particularly receptive to hydrocarbons migrating
westerly updip from deeply buried Permian generative strata in the
Arrabury Trough. Each of the TInchoo Formation, the Poolowanna
Formation and Birkhead Formation sands are prospective for the
discovery of oil at Kiwi.

(iv) DORIEMUS #1 (PEL102)

The Company's fourth well in 2003 is likely to be Doriemus #1. This
well will be located on the south eastern flank of a structure which
contains the Packsaddle-Pondrinie gasfield. This gasfield is
currently being produced by Santos and partners from the section of
the structure which lies outside the limits of Stuart's acreage.

Interpretation of the results of downdip well Packsaddle #2 and the
Pondrinie wells indicates that Doriemus has potential for discovery
of gas in the Toolachee and Patchawarra Formations and possibly for
the discovery of oil in the Merrimelia Formation, all within the
Cooper Basin succession.

GENERAL

Processing and interpretation of 2002 seismic data is continuing.
This work is expected to add further to the Company's already
extensive portfolio of hydrocarbon prospects mature for drilling.

J G Branson
CHAIRMAN
23 April 2003