OIL

Stuart spuds Rimfire

OPERATOR Stuart Petroleum started drilling the Rimfire-1 oil exploration well in Cooper Basin permit PEL113 at 4am today, South Australian time.

Planned total vertical depth is 1542m.

Rimfire-1 is an oil target 3km northeast of the Harpoono oil field, which is currently producing around 400 barrels per day.

The Rimfire drill target was developed from a 3D seismic survey conducted last year. This seismic program was largely responsible for the delineation of the successful Harpoono-2 development well, which flowed at an initial rate of 1080 bpd during testing.

Interest holders in Rimfire are operator Stuart Petroleum (66.7%) and Beach Petroleum (33.3%).

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