+++++++++++++++++++++++++ PEL 90 CANDRA BLOCK, COOPER/EROMANGA BASIN, SOUTH AUSTRALIA
As Operator for the Stuart Petroleum / Beach Petroleum Joint Venture, Stuart Petroleum wishes to advise the results of first stage analysis of the drilling and testing of Acrasis # 1:
* the drilling of Acrasia # 1 has indicated a resource of approximately 3.7 million barrels of oil in place, and
* there is potential to increase the oil resource estimate in the Acrasia structure by the drilling of another well west of Acrasia # 1.
Accordingly, the Joint Venture has decided to drill a second well on the Acrasia structure, the appraisal well Acrasia # 2, located 1.2 kilometres west of Acrasia # 1. The objective of this well will be to:
* increase the estimate of total oil-in-place in the Acrasia structure, and to
* serve as a second take off point for production purposes.
Production testing of Acrasia # 1 is scheduled to begin within two to three weeks and once this operation is underway the 0 D & E rig #30 will be moved to the Acrasia # 2 site to commence drilling immediately.
STU Price at posting:
0.0¢ Sentiment: None Disclosure: Held
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