The company said logs over the secondary Patchawarra Formation target found no viable hydrocarbons despite the well intersecting what appeared to be significant gas shows over a 300m gross interval earlier this month.
Subzero-1 was targeting probabilistic mean undiscovered oil reserves of 1.3 million barrels.
The company is now planning to drill the Brew-1 well once operations on Subzero-1 are complete.
Brew-1 is expected to be spudded around July 15.
Stuart owns a 65% interest in Subzero-1 and Avery Resources Australia has the remaining 35%.
