more oil for stu

26 April 2005
Australian Stock Exchange Limited
Companies Announcement Office
Electronic Lodgement System
Dear Sir,
ANNOUNCEMENT TO ASX
DRILLING REPORT: BAYSTONE # 1
PEL 90, COOPER / EROMANGA BASIN, SA
Stuart Petroleum Limited advises that at 0600 hours the Baystone #1 exploration
well was at 2045m and undertaking rig repairs. Following good oil shows in the
basal Birkhead / Hutton DST #1 was run over the interval 1936-1945m. The test
recovered 40bbls of formation water in the drill string. This outcome was similar to
the results at Reg Sprigg West #1.
The next primary oil / gas target, the Tinchoo Formation is prognosed at 2239m.
At Reg Sprigg West #1 the Tinchoo Formation is a productive oil and gas reservoir.
The status of Baystone # 1 at 0600 hours (CST) on 26 April 2005 was:
Location: PEL 90, 90km north of Innamincka
Planned Total Depth: 2500 metres
Current depth: 2045 metres
Operations: Repairing rig
Spud: 2100hrs, 11 April 2005
Participants in the Baystone #1 well are:
Stuart Petroleum Limited (Operator) 75% (STU)
Beach Petroleum Limited 25% (BPT)
Yours faithfully,
Tino Guglielmo
Managing Director
Level 7, 22 King William Street, Adelaide, South Australia 5000 Telephone: (08) 8410 0611
PO Box 8148, Station Arcade, Adelaide, South Australia 5000 Facsimile: (08) 8410 0250
S:\Company Secretary\ASX Announcements\Baystone #1\05-04-26 ASX Drilling Advice Baystone #1.doc