The company yesterday said the drilling program would begin with the Tawriffic East-1 well, near the Worrior oil field in the northern area of PEL 93, due to spud on or about September 29.

Stuart said the well, on the under-explored Warra Ridge at the southwestern end of the Gidgealpa/Merrimelia/Innamincka Ridge, “contains numerous oil and gas fields.”

Managing director Timo Guglielmo said the Tawriffic East structure has potential oil in place of 2.6 million barrels (mean).

It also has unrisked mean reserves of 1 million barrels in the Birkhead Formation and in the McKinlay Member if oil is present, he said.

“Tawriffic East, the first well in our new drilling program, if successful, will upgrade the potential of the adjacent Tawriffic West prospect significantly,” Guglielmo said.

“Drilling success forms the foundation of exploration companies.

“The recent increase in cash returns achieved by companies such as ours is necessary to fund the growth of Stuart for our shareholders”.

Stuart has a 70% interest in Tawriffic East-1.

The next three exploration wells – Might & Power, Rising Fast and Comic – are located in the "highly prospective" Harpoono area of the Dunoon Ridge in PEL 113. Stuart's stake in these wells will be 66.7%