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Exploration
All leads and prospects in PEL 93 have been reviewed.
Currently Stuart map 2 oil prospects (2 x 0.7 million barrels recoverable, unrisked), 53 oil leads (total 11.6 million barrels recoverable, unrisked), 1 gas prospect (7.8 billion cubic feet recoverable, unrisked) and 8 gas leads (33.2 billion cubic feet recoverable, unrisked) in PEL 93.
Development
Worrior Field continues to produce at approximately 700 barrels of oil per day.
It is proposed that the Worrior 7 development well will be drilled on the eastern flank of the field to drain oil reserves in the McKinlay Member reservoir. Drilling is being delayed because of heavy local rains in February.
Seismic
Seismic mapping and production performance of the McKinlay Member indicate that there is an undrained area on the eastern flank of the Worrior Field. This will be addressed by Worrior 7.
Licence Management
The permit is now in the third year of the second five year portion of its 15 year life. The exploration commitment for the second 5 year period is four years of geological and geophysical studies with a well to be drilled in year 5. The year 5 well requirement has been satisfied by the drilling of Rainbird 1 and Patron 1.
Farmouts
Stuart has entered into a Farmin agreement with Red Sky Energy Limited and Magellan Petroleum (Southern) Pty Ltd covering exploration prospects in part of PEL 93.
The two parties can earn interests in up to 12 prospects by funding a combined 98% of the drilling costs to earn a combined 49% interest in each prospect drilled. The Rainbird 1 and Patron 1 wells were drilled in the first two years of the current 5 year licence period as required under the Farmin Agreement.
Discoveries and Potential
At present 4 oil prospects and 5 gas prospects, are mapped in PEL 93. Risked mean recoverable oil reserves in the oil prospects are 0.4 million barrels. Un-risked mean recoverable gas reserves estimate in the gas prospect is 31.2 billion cubic feet.
There are also 23 oil leads (23.4 million barrels mean oil in place, unrisked) and 4 gas leads (11 billion cubic feet mean gas in place, unrisked) mapped in PEL 93.
Licence Commitments
