Stuart advised the following update regarding progress on the Acrasia 5 development well.

A Drill Stem Test has been conducted over a 10 meter interval in the Birkhead Formation, the uppermost of four target oil reservoirs in the well.

The test recovered 74 barrels of oil and no water in a flow period of less than 4 hours, equating to a flow rate of approximately 450 barrels per day.

Operations are now continuing, to drill ahead and evaluate the Hutton Sandstone and Tinchoo Formation primary targets as well as a further secondary target in the Poolowanna Formation.

The overall impact on the oil production rate from the Acrasia field and the reserves increment will be assessed following completion of the well.

Tags: Stuart Petroleum Limited