Rimfire-1 has been drilled to a depth of 1509m and Stuart plans to drill the well to a total vertical depth of 1542m, the company told the Australian Stock Exchange today.

Wireline logs will now be run and if required, drill stem tests will be run to fully evaluate the significance of these oil shows.

The well is an oil target 3km northeast of the Harpoono oil field. Rimfire-1 was spudded on June 14 and is currently producing around 400 barrels of oil per day.

The Rimfire drill target was developed from a 3D seismic survey conducted last year. This seismic program was largely responsible for the delineation of the successful Harpoono-2 development well, which flowed at an initial rate of 1080 bpd during testing.

Interest holders in Rimfire are operator Stuart Petroleum (66.7%) and Beach Petroleum (33.3%).