If successful, this program, which was encouraged by last year’s 3D seismic survey, is likely to expand to include the drilling of two adjacent exploration prospects, Rimfire and Revenue.

The two Harpoono wells, to be drilled in the central area of the Harpoono Field about 400m south and 700m east of the exploration well, respectively, are designed to accelerate production from the Murta reservoir, appraise the reservoir quality in the Murta and to determine the possible presence of a McKinlay oil pool up-dip of Harpoono-1.

Following acquisition and mapping of the Harpoono 3D seismic survey last year, Stuart learned that Harpoono-1 was located on the north-west flank of a flat-topped ridge with poorly defined closure to the south. Harpoono-2 and Harpoono-3 are up-dip of the discovery well at both the Murta and Namur formation tops.

Harpoono-1 originally flowed 175 barrels of oil per day on test from the Murta and is now flowing 60 to 70 bopd. Total production to date is approaching with 37,000 bbls.

While no oil shows were recorded in the McKinlay Member or deeper potential reservoirs in Harpoono-1, Stuart said the two new wells would determine the oil potential of the structure at more optimum locations.

Interests in PEL 113 are Stuart Petroleum (operator – 66.67%) and Beach Petroleum (33.33%).