New Oil Discovery , page-2

The Ann
Acrasia #2 Progress Report - New Pool Discovery

Document date: Tue 02 Jul 2002 Published: Tue 02 Jul 2002 11:20:21
Document No: 133589 Document part: A
Market Flag: Y
Classification: Progress Report
STUART PETROLEUM NL 2002-07-02 ASX-SIGNAL-G

HOMEX - Adelaide

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ACRASIA #2 PROGRESS REPORT - NEW POOL DISCOVERY

Drill Stem Test No 2 over the interval 2,189 to 2,195 metres in the
mid-Tinchoo Formation has flowed oil to surface at a rate of 90
barrels per day followed by water at 200 barrels per day.

This constitutes a new pool discovery for the Acrasia structure, and
it is planned to case the well as a potential producer.

However, the full significance of the oil accumulation can only be
evaluated by electric logs run when drilling is completed.

As a consequence of this discovery the equivalent zone in Acrasia #1,
which was not evaluated at the time, will now be re-examined after
the production testing.

The well was at 2,206 metres at 0600 hours today and will drill ahead
to a total depth at 2,380 metres.


ouncement Regards Towie