Stuart Petroleum holds interest in the 14 oilfields which are in South Australian section of the Cooper/Eromanga basin.
Stuart Petroleum’s Managing Director, Tino Guglielmo, said that “the Company’s improved 1P and 2P reserves resulted from better than forecast performance from producing sandstones in the Worrior, Acrasia and Padulla oilfields.”
“We remain on track to achieve our 2008/2009 production forecast of 340,000 barrels of oil consistent with this increase in reserves,” Guglielmo said.
The reserves additions announced today are based on an independent review of reserves as at March 31, 2009, conducted by Petroleum Resource Management Pty Ltd (PRM).
