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The company, which has a 66.7% stake in partnership with Beach Petroleum (33.3%), said these shows would be further evaluated by wireline logs and drill stem tests if required, once the well reaches a planned total depth of 1550m.
This morning, Rising Fast-1, which spudded last Monday, was drilling in an 8½-inch hole at a depth of 1371m.
Rising Fast-1 is 70m northeast of the Revenue oil discovery and 3.6km northeast of the Harpoono oil find.
Stuart said the structure has potential oil in place of between 500,000 and 1.4 million barrels in the Murta Formation, the McKinlay member and the Birkhead Formation. Potential reserves estimates range from 200,000-500,000bbl of oil.
