The well is the first to be drilled in the South Australian sector of the Cooper Basin by a non-Santos consortium. Stuart Petroleum has a 75 per cent stake in the well and plans to drill up to three more wells in a $3.5 million program over the next six months.
The Acrasia-1 well will test secondary targets including the Namur Sandstone at 1,633m and the Poolawanna Formation at 2,106m if hydrocarbons are intersected.
The new exploration comes on the heals of Native Title agreements signed last October between the South Australian Government, claimants and seven exploration consortiums. The agreements helped attract $45 million in exploration commitments over 11 new licence areas of the Cooper Basin.
