STUART PETROLEUM NL 2002-06-25 ASX-SIGNAL-GHOMEX -...

STUART PETROLEUM NL 2002-06-25 ASX-SIGNAL-G

HOMEX - Adelaide

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OIL EXPLORATION APPRAISAL WELL ACRASIA 2

Well Report #2 0900 hours 25 June 2002

Activity:

At 0600 hours the well was drilling ahead at 1294 metres (4244 feet).
Surface casing has been set at 692 metres (2270 feet). The well will
drill ahead to the first exploration target the Birkhead Formation
expected at 1848 metres (6063 feet).

Participants:

Stuart Petroleum NL 75%
Beach Petroleum NL 25%

Location:

Approximately 90 kilometres north of Innamincka township, 1.2
kilometres West of Stuart/Beach oil discovery Acrasia #1.

AMG coordinates 27Deg 13' 58.67" south
140Deg 59' 03.23" east

Drilling Contracts:

OD & E Pty Ltd, drill rig ODE # 30

Acrasia Structure:

A four-way dip closure in Jurassic (Eromanga Basin) and Triassic
(Cooper Basin) strata draped over a basement high. Acrasia #1 flowed
commercial quantities of oil from the Tinchoo Formation and recovered
significant quantities of oil from the Hutton and Birkhead formations
on drill stem test in April 2002.

TARGET HORIZONS -

AREA OF PROJECTED
BASIN/UNIT TARGET CLOSURE INTERCEPT DEPTH
RANK (KMSQ) DOWNHOLE (M/FT)

Eromanga
Birkhead Fmn exploration 1.1 1348 / 6063
Hutton Fmn appraisal 1.1 1921 / 6302
Poolowanna Fmn exploration 0.15 2090 / 6857

Cooper
Tinchoo Fmn exploration 0.15 2157 / 7077