With multiple oil targets, Light Fingers-1 is addressing an unrisked mean oil in place of 670,000 barrels of oil, with an upside P10 oil in place of 1.1 million barrels.
If successful, the well will confirm an extension of an oil play in the Hutton Sandstone and Murta Formation in a structure to the southwest of the Toparoa Oil Field, Stuart said.
The well will be funded by Canadian-based Avery Resources Calgary Canada under a farm-in agreement to the PEL 113 Murteree Farmout Block.
Stuart managing director Tino Guglielmo said the well had a good chance of success.
“This well is adjacent to and on trend with the very productive Derrilyn and Toparoa oil fields and its potential for success is rated highly.”
Stuart is operator and holds a 100% interest in PEL 113, with Avery Resources to earn a 35% interest in the Murteree Farmout Block.
Interests in the block are Stuart Petroleum (operator) 100%.
