The Sub Zero-1, Brew-1 and Chester-1 wells in PEL 113 are targeting total proved and probable reserves of 2.3 million barrels of oil and 18 billion cubic feet of gas.

Stuart has a 100% stake in Brew and Chester while Canada's Avery Resources owns 35% of Sub Zero, according to managing director Tino Guglielmo.

"The drilling program is funded by strong cash flow provided courtesy of the recent strength in oil prices and Stuart's production," he said.

"Stuart is looking for further growth through the drill bit this year, both in the Cooper Basin and in the Gippsland Basin. Preparations for the drilling of the Bazzard prospect in VIC/P53 are well advanced with the well scheduled to spud in September."

The company is using the West Triton jack-up rig to drill Bazzard-1, the first of a two-well farm-in obligation.

Stuart was appointed operator with a 50% interest in VIC/P53 as the result of a farm-out.