The first drill stem test was conducted between 1157m to 1169m in the Murta Formation and recovered water with a trace of oil, Stuart said. A second drill stem test will now be run to further evaluate the Murta over the interval 1161m to 1164m.

The Adelaide-based explorer said Harpoono-3 has now defined the eastern extent of the McKinlay oil pool discovered in Harpoono-2, which recently flowed 1080 barrels of oil per day on test.

If Harpoono-3 joins its predecessor as a commercial discovery well, the drilling program is likely to expand to include the drilling of two adjacent exploration prospects, Rimfire and Revenue, according to Stuart.

Following acquisition and mapping of the Harpoono 3D seismic survey last year, Stuart learned that Harpoono-1 was located on the north-west flank of a flat-topped ridge with poorly defined closure to the south. The Harpoono-2 and Harpoono-3 wells are up-dip of the discovery well at both the Murta and Namur formation tops.

The Harpoono-1 well originally flowed 175 bopd on test from the Murta and is now flowing 60-70 bopd. Total production to date is approaching 37,000 bbls.

Stuart Petroleum holds a 66.67% stake in PEL 113, while Beach Petroleum owns the remainder.