The Kiwi structure is a fault bounded four-way dip closure with the Eromanga Basin comprising the primary and the Cooper Basin the secondary targets.

Kiwi-1 is located 5.5km north east of the Keleary oil field and 10km north east of the Telopea oil field, which together have produced over two million barrels of oil. The new well is downdip of the existing fields and thought to be on a similar oil migration pathway.

The structure is faulted through the Permian section on the southeast flank, providing a conduit for Permian hydrocarbons to migrate into Eromanga reservoirs.

Cooper Energy received another boost on Monday with the start of production from the Christies-1 well, which has flowed at higher than expected rates of around 250bopd. Levels are now expected to rise to around 500 bopd when artificial lift is applied to the well.

The share value of both Stuart and Cooper also received a significant lift from the recently released Worrior-1 reserve estimates. Stuart has soared to a high of 73 cents at the time of printing up from a June low of around 25 cents, while Cooper Energy has lifted above its listing price of 20 cents to be resting at 29 cents at the time of printing.