The company’s success has been underpinned by a solid exploration success rate of 67%, with six discoveries from nine exploration wells drilled, which makes Stuart the most successful new entrant to the Cooper Basin since it was reopened for exploration in 2001.

Since March this year Stuart operated or participated in a five well program where three new oil fields were discovered, Harpoono-1, Derrilyn-1 and Reg Sprigg West-1. All three wells are expected to come on production in August 2004.

“Recent success has upgraded the existing portfolio of prospects and leads as well adding new opportunities to the portfolio,” said Stuart CEO Tino Guglielmo.

Guglielmo added that drilling is scheduled to resume in early August with the Worrior-2 development well followed by the highly prospective Arwon exploration well, adjacent to the Worrior field.

“The Worrior-2 well in combination with the installation of high rate pumps on both the Worrior wells is the driver for continued production growth this coming financial year. Any success at Arwon will be a significant boost to the company.”

“The driver of Stuart’s success is its high equity stake in a large land bank in the most prospective areas of the Cooper Basin. When you combine this with the speed at which discoveries can be brought on production, Stuart’s low cost operating techniques and you have a potent formula for success,” Guglielmo said.