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The Adelaide-based company said these shows would be further evaluated with wireline logs and then a drill stem test will be carried out if required.
Currently at a depth of 1371m, the well is expected to intersect the secondary targets, the Birkhead and Hutton Formations, later today.
Before drilling started, the Might & Power structure was estimated to contain 700,000 barrels of in-place oil in the Murta Formation and in the McKinlay Member.
If successful, the well will further upgrade the potential of the Dunoon Ridge.
Might & Power-1, named after a racehorse that won the 1997 Melbourne Cup, will be the second well to be drilled in Stuart's new four-well, back-to-back drilling program.
The first well, Tawriffic East-1 in PEL 93, was plugged and abandoned after failing to encounter hydrocarbons.
Stuart is operator and has a 66.7% stake in the Might & Power well, while Beach Petroleum has a 33.3% interest.