Stuart, as operator, said the well was primarily targeting oil in the Murta Formation, McKinlay Member and Birkhead Formation in between in the Harpoono and Revenue oil discoveries in the northeast area of the Dunoon Ridge.

“Comic’s close proximity to known economic oil- producing fields makes it a very attractive exploration target with potential to increase the current reserves base,” managing director Tino Guglielmo said.

Stuart holds a 66.67% stake in PEL 113 while Beach has 33.33%.