*$*$*$*stuart announces first oil production at wo

Stuart announces first oil production at Worrior
Source: MELBOURNE, Sept 24 AAP
Published: Friday September 24 2004, 3:15 PM

Adelaide oil and gas junior Stuart Petroleum Ltd has increased its production profile above 2500 barrels a day after striking oil at its Worrior-2 development well in the Cooper Basin.

Worrior-2 was brought on line this morning at a restricted rate of 2000 barrels of oil a day.

Stuart chief executive Tino Guglielmo said the oil will go directly to the company's existing production handling facility at Worrior-1 where it will be loaded onto tankers and dispatched to Moomba, 90 kilometres away.

"Worrior-2 has boosted Stuart's net production profile above 2500 barrels per day from the Cooper Basin, comfortably above hedged production levels," Mr Guglielmo said.

The profile will be further enhanced with the bringing online of the company's 35 per cent-owned Derrilyn discovery and its 18 per cent owned Reg Sprigg West and the 67-per-cent owned Harpoono discoveries.

At 1455 AEST Stuart shares were two cents down at $1.04.
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