South Australian based oil exploration and production Company, Stuart Petroleum Limited declared at Annual General Meeting that success in the Company’s recently concluded 2007 drilling program has resulted in a significant increase in production.

Stuart’s Managing Director, Mr Tino Guglielmo said “This year’s successful Worrior 5 and 6 oil development wells have increased production from the Worrior oil field from under 1000 barrels per day to more than 3000 barrels of oil per day.” Stuart Petroleum owns a 70% interest in the Worrior oilfield.

Mr Guglielmo said “Production for the 2007/08 year is likely to exceed the 523,000 barrels of oil produced in 2006/07. Stuart is targeting a full year production outcome in the range of 500,000 to 550,000 barrels of oil” he added.

Stuart’s successful 2007 drilling program, comprising five exploration wells and two development wells, concluded with the Cleansweep 1 oil discovery which is presently being completed for production.

Two of the five 2007 exploration wells resulted in discoveries – Cleansweep 1 and Comic 1. A third well - Doriemus 1, is subject to further testing to determine the hydrocarbon potential of this well.

Mr Guglielmo said “Cleansweep 1 is being completed as an oil producer from the basal Birkhead Formation, Comic 1 has the potential to be a commercial discovery and testing is underway at Doriemus 1.

The reserves impact of the strong Worrior 5 and 6 well performance and the new discoveries at Cleansweep and Comic will be assessed prior to 31 December” he added. .

Tags: Stuart Petroleum Limited