As operator of each well, the Adelaide-based company said these wells would test four exploration targets – with 6 million barrels of oil and 20 billion cubic feet of gas of P10 reserve potential – and three development locations in the producing Padulla and Worrior oil fields.
As is the company’s wont, Stuart has named the exploration prospects after famous racehorses.
Starting next month, Stuart will spud the Comic-1 exploration well on behalf of PEL 113’s Dunoon Block joint venture in which it holds a 66.67% stake in partnership with Beach Petroleum (33.3%). The wellsite is located about 2km from Harpoono.
Following this well, a JV comprising Stuart, Cooper Energy and Red Sky Energy will start drilling the Rainbird-1 exploration well. Red Sky will fund 98% of the well to earn its working interest.
Then Stuart will spud the Doriemus-1 exploration well, where it holds a 100% stake in PEL 102.
As part of a farm-in deal, Stuart has agreed to wholly fund an exploration well in PEL 100 to earn a 50% stake in that licence.
The JV also comprises Cooper Energy, Sundance Energy, Traditional Oil Exploration and Liberty Petroleum.
Subject to JV approval, PPL 207 partners Stuart and Cooper Energy will then drill the Worrior-5 and -6 development wells in the Worrior oil field.
And lastly, Stuart will drill the Padulla-5 development well in its 100%-owned Padulla oil field in PEL 113.
Stuart said all seven wells had been selected using advanced seismic interpretation.
