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Stuart Petroleum NL
|Sub Category:||No Liability Company | Public Company|
|Location:||South Australia, Australia|
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|Stuart Petroleum Limited is an Adelaide based Australian owned petroleum exploration and production company. It was formed in 1999 with the express purpose of applying for and exploring acreage in the newly released ex Santos areas of the Cooper-Eromanga Basin in South Australia. |
Stuart Petroleum was successful in its application and now holds four areas in the Basin: PEL90, PEL93, PEL102 and PEL113, covering some 5051 square kilometres.
|In April 2002 Stuart Petroleum (75%) and its farm-in partner Beach Petroleum (25%) drilled the first well at Acrasia No.1 in PEL90. The well was successful and discovered oil in three formations, the Birkhead, Hutton and Upper Tinchoo. Two step out wells were also successful and added the Poolowanna and Lower Tinchoo formations to those discovered. The Acrasia Field is currently free flowing from two Tinchoo wells at approximately 1200bbl per day. To date the field has produced some 220,000bbl and the first jet pump has just been installed on Acrasia 2 producing an additional 250bbl per day.|
A second wildcat drilled in PEL93 in December 2002 in conjunction with Cooper Energy (30%) was plugged following non commercial oil shows. Stuart plans to drill up to four wildcat wells in the latter part of 2003, initially targeting oil accumulations but eventually drilling some promising gas prospects. Future plans include the drilling of up to 22 wells over the next five years.
Stuart is pleased to consider farm-in offers for all four blocks, targeting both oil and gas prospects.
Stuart technical team has over 70 years combined experience in the Cooper Basin and this together with its in-depth knowledge of the regulatory and cultural regimes in South Australia make it an ideal operating partner for companies wishing to explore the most prolific onshore basin in Australia.
|No Liability Company | Public Company|
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