The Adelaide-based company took over operatorship and acquired 50% in the permit in May from the other partners Cooper Energy, Sundance Energy, Enterprise Energy and Liberty Petroleum.
The PEL 100 JV had a disappointing drilling campaign last year, when three consecutive wells – Fairbridge-1, Strickland-1 and Geordie-1 – were plugged and abandoned after failing to encounter commercial hydrocarbons.
Stuart told the market this morning it planned to spud the Cleansweep-1 exploration well, which is targeting 4.8 million barrels of oil, next Wednesday, October 10.
“The well is the first to be drilled by Stuart in PEL 100 under its farm-in agreement with the licence holders,” Stuart’s managing director Tino Guglielmo said.
“It confirms Stuart’s strategy of expanding its Cooper-Eromanga Basin portfolio.”
Stuart is funding 100% of the well costs to earn a 50% interest in the licence.
Primary oil targets in Cleansweep-1 are the Paning, Birkhead-Hutton and Poolowanna formations, with the Tinchoo Formation as a secondary target.
Stuart said the structure was a relatively simple four-way dip closure at the southern end of a structural ridge.
The basement is faulted down to the Patchawarra Trough on the southeast flank of the structure, providing a conduit for migrating hydrocarbons from the Permian.
Closure is mapped at the top of the Birkhead Formation and at the Top Basement horizons.
Once drilling is finished, interests in PEL 100 will be: Stuart (operator – 50%), Sundance Energy (23.333%), Cooper Energy Limited (19.167%), Enterprise Energy (5%) and Liberty Petroleum Corporation (2.5%).
