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"Stuart’s share of oil production in February was some 96,600 barrels, a 6% increase on January’s record performance. This increased production with oil prices today over A$70 for our product is delivering strong cash flow to the company,” Guglielmo said.
Stuart’s share of production is almost 500,000 barrels of oil in the first eight months of this fiscal year and in March its share of production from its Cooper Basin leases will reach one million barrels.
“We at Stuart are very proud to have achieved this milestone less than three years from commencement of production,” Guglielmo said.
“What is more noteworthy is that this achievement has occurred through our own exploration efforts in the Cooper Basin.”
Stuart will restart exploration drilling in about three weeks with the Baystone (Stuart 75%) oil and gas wildcat well. The well is about 2km west of the Reg Sprigg West discovery (Stuart 18.75%) and 6km from the Stuart-operated Acrasia production facility.
