I saw the below announcement as positive, for STU with regard to some revenue over the next six months and possibly and upgrade in the reserves of the Arcasia field. It seems these boys know what they are doing and the patience is going to pay off for them. Any other comments out there from STU followers?
Document date: Thu 18 Jul 2002 Published: Thu 18 Jul 2002 10:17:48 Document No: 133705 Document part: A Market Flag: Y Classification: Progress Report STUART PETROLEUM NL 2002-07-18 ASX-SIGNAL-G
HOMEX - Adelaide
+++++++++++++++++++++++++ PRODUCTION AND APPRAISAL UPDATE
Stuart Petroleum and Beach Petroleum have executed an Off-take Agreement for the sale of Acrasia light crude oil to Santos Limited and partners, for 2 period of six months.
Production during the long term testing of Acrasia structure is scheduled at up to a combined 800 barrels of oil per day. Responsibility for transport of the oil to the Moomba facilities resides with the purchaser.
Acrasia #1 production testing has commenced. The Hutton Formation test has been completed, and testing of the Tinchoo Formation has commenced. This will be followed by extended testing for a period of up to six months. Acrasia #2 has been cased and suspended for future completion and production, and OD & E Rig 30 released.
Interpretation of the electric logs and drill stem test charts indicates the influx of water recorded in DST No 2 over a section of the Tinchoo Formation co-incided with packer failure. The test flowed 46 degrees API oil to surface at a rate of 620 barrels of oil per day (through a (1/2") choke for 50 minutes) prior to packer failure. Accordingly, a clean oil flow is anticipated when this zone is production tested.
An updated Acrasia Oil Field resource estimate is in progress, incorporating the results of Acrasia #2.
An important well result was the 11 metres high to prognosis. This could impact favourably on the volume of oil attributable to the formation across the Acrasia structure.
The completion of an off-take agreement and the commencement of production testing heralds an inaugural revenue stream for the Company less than four months after spudding its first well.
J Branson CHAIRMAN
Enquiries regarding this report and company business may be directed to:
Rod Hollingsworth Level 7 22 King William Street Adelaide South Australia 5000 Telephone: (08) 8410 0611 Fax: (08) 8410 0250 email: [email protected]
