The PEL 90 partners’ next well will be Acrasia-4, a development well located 60km north-northeast of Innamincka. Acrasia-4 is due to spud in June.

“The technical and economic case for an Acrasia #4 well to develop the remaining field reserves has been prepared and the well is scheduled to be completed in July 2005,” Stuart said.

“The lease has already been prepared and a fast track connection into the existing facility is planned.”

Workovers carried out on Acrasia-1 and Acrasia-3 have resulted in significantly increased oil production rates together with considerably reduced water rates, according to Stuart.

An agreement with Santos, on behalf of the Cooper Basin Joint Venture, to produce and process all production from the Reg Sprigg and Reg Sprigg West fields at the Acrasia production facility has been finalised. Stuart is now managing production on a toll basis using the pipeline that has been constructed connecting both fields to the Acrasia facility.

PEL 90 interests are Stuart Petroleum (75% and operator) and Beach Petroleum (25%).