“A test of the Birkhead and Hutton Formations following completion of the well flowed oil to surface at a rate of 72 barrels of oil per day under natural flow,” said Stuart managing director Tino Guglielmo.

“The well is expected to produce at an initial rate in excess of 150 barrels per day on pump.”

Named after Comic Court, the winner of the 1`950 Melbourne Cup, the well is near the Harpoono field in PEL 113 in the Cooper/Eromanga Basin in far northeast South Australia. Stuart said Comic was a low-risk opportunity drilled because the economics of the prospect were enhanced by its proximity to infrastructure.

The well will be tied into the existing Harpoono production facilities and will be commissioned for production next month.

An appropriate reserve increment will soon be calculated, according to Guglielmo.

“This result confirms Stuart’s exploration strategy, combining advanced seismic techniques with disciplined risk management assessment to unlock the continuing potential of the Cooper/Eromanga Basin,” he said.

“This new discovery is a positive opening for Stuart’s current exploration drilling round which sees three rigs presently operating.”