"Worrior hit its straps in January, producing a total of 39,000 barrels for the month, of which Stuart's share is 27,300 barrels," said Stuart petroleum chief executive, Tino Guglielmo.

"While we are delighted with this achievement, so soon after discovery, we would caution that we do expect production rates, currently 2,400 barrels a day, to decline as we advance our exploitation of the oil reserves, which are estimated at greater than 3 million barrels recoverable."

Stuart recently reported total oil production of 62,730 barrels for the December quarter, taking production to 128,810 barrels for the first half of the financial year.

"Stuart's own oil production averaged just over 700 barrels a day in the December half, mainly from our Acrasia oil field. Stepping up production from Worrior has boosted our overall daily oil production rates. Worrior really takes over from Acrasia in 2004 as our main cash generator."

On the downside the Christies well is currently on natural flow whilst it undergoes mechanical repairs. The well is expected to be back on pump production and fully operational by the first week in March.

Stuart plans to introduce larger diameter tubing to the well to increase production from the current 600 bopd - Cooper's share is 150 bopd. The company will provide a further update on this once work is complete.

Initially the well was targeting a potential 1.5 million barrel resource but the companies intersected hydrocarbons in four formations, pushing oil-in-place estimates to between 8.5 million and 12.3 million barrels of oil. Preliminary Proven & Probable (2P) recoverable reserves for the field are estimated to be 3.4 million barrels.