Santos to buy Acrasia oil

Partners Beach and Stuart Petroleum have secured their next six months cash flow after signing Santos up for a sales agreement to buy the proceeds of the long term production testing of the Acrasia field.

The off-take agreement means Stuart will achieve inaugural cash flows less than four months after the spudding of their first well, according to company chairman, John Branson.

Production testing is programmed for a combined rate of up to 800 barrels of light crude oil per day.

Following the appraisal of Acrasia-2, new field resource estimates updates are in progress. The field is located 90 kilometres north of Innamincka in the Candra Block. Interests are Stuart (75%) and Beach (25%).