Stuart Petroleum Limited announces that Revenue #1 has discovered a new oil pool in the McKinlay Formation. Wireline logs have been run and indicate approximately two metres of oil pay in the McKinlay. Hole conditions will prevent any Drill Stem Tests from being run and the well will be cased pending completion as an oil well.
Testing and further evaluation of oil shows in the Murta and Birkhead formations will be conducted after completion of the well.
Participants in the Revenue #1 well are: Stuart Petroleum Limited (Operator) 66.7%, Beach Petroleum Limited 33.3%
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