The well, which was drilled to a total depth of 2709m had flowed 74 barrels of 42-degree API oil, with no water during a drill stem test of the primary target Birkhead Formation.
Before drilling started, Stuart estimated that Cleansweep-1 had the potential to find 950,000 barrels of oil at the P50 level of confidence in the Paning, Birkhead-Hutton and Poolowanna Formations, with secondary potential in the Tinchoo Formation.
Stuart is paying 100% of the cost of the well to earn a 50% stake in PEL 100. The company is acting as operator for Cleansweep-1 and will become operator of the licence on completion of the well.
Stuart farmed into the permit in May. At that time the PEL 100 joint vetnure comprised operator Cooper Energy, Sundance Energy and Enterprise Energy, as well as US company Liberty Petroleum. Last year, three consecutive wells were plugged and abandoned after failing to encounter commercial hydrocarbons.
At the time, Sundance managing director Jamie McCoy said his company was pleased with the farm-in agreement.
"It has always been the policy of this company to associate with the best operators in each of our plays and Stuart's success certainly speaks for itself," he said.
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%).
