The company said the well flowed 1080 barrels of oil per day with no water during a drill stem test run over the interval 1191m-1196.4m in the McKinlay Formation.
Stuart said wireline logs indicate potential play in both the McKinlay and Murta formations.
A second drill stem test is now being run from 1152m to 1161m to test the Murta Formation.
Spudded last Monday, Harpoono-2 is now at a total depth of 1498m.
Once the well is completed, the drill rig will move to spud Harpoono-3 – the second in a two-well appraisal and development program in PEL 113.
If successful, this program, which was encouraged by last year’s 3D seismic survey, is likely to expand to include the drilling of two adjacent exploration prospects, Rimfire and Revenue.
Following acquisition and mapping of the Harpoono 3D seismic survey last year, Stuart learned that Harpoono-1 was located on the north-west flank of a flat-topped ridge with poorly defined closure to the south. Harpoono-2 and Harpoono-3 are up-dip of the discovery well at both the Murta and Namur formation tops.
Harpoono-1 originally flowed 175 bopd on test from the Murta and is now flowing 60 to 70 bopd. Total production to date is approaching with 37,000 bbls.
While no oil shows were recorded in the McKinlay Member or deeper potential reservoirs in Harpoono-1, Stuart said the two new wells would determine the oil potential of the structure at more optimum locations.
Stuart Petroleum holds a 66.67% stake in PEL 113, while Beach Petroleum owns the remainder.