Stuart Petroleum believes the South Australia section of the Cooper Basin has the potential to yield 3.5 trillion cubic feet of gas and upwards of 65 million barrels of oil. In order to unlock this potential, the company has announced a six "new era" well exploration program.
First cab off the rank will be the Acrasia-1 oil well, which is to be spudded in about two weeks (28 March). Site preparations have already been completed with OD&E Rig 30 being awarded the drilling rig services contact.
The drilling site is located in the Candra Block of PEL 90, which is 100 per cent held by Stuart Petroleum. Under terms of the contract, Beach Petroleum will earn a 25% interest in the block by contributing to the cost of drilling Acrasia-1.
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