The company said drill stem tests will be run to further evaluate these and other zones of interest in the well, which was drilled to a total depth of 1597m.

If the partners have success at Toparoa-1, a second Toparoa-2 well will be drilled immediately afterwards to appraise the southern extent of the field.

Toparoa-1 is within the Merty Merty pastoral lease, about 50km south-southeast of Moomba and 1.1km south-west of the Derrilyn oil field in South Australia.

Derrilyn-1 has produced more than 600,000 barrels of oil from the Hutton reservoir, and on pump is capable of producing at more than 2000 barrels of oil per day, Stuart said. Three hundred metres away, Derrilyn-2 is also capable of producing more than 2000 barrels of oil per day.

Stuart Petroleum holds a 100% interest in Toparoa-1, however Avery Resources is farming-in to earn a 35% interest in the prospect by funding 100% of the well costs.