Oliver development to move forward

Stuart Petroleum and its technical advisers have completed geophysical and reservoir engineering studies on the Oliver oil, gas, and condensate discovery offshore Australia.

Offshore staff

ADELAIDE, Australia -- Stuart Petroleum and its technical advisers have completed geophysical and reservoir engineering studies on the Oliver oil, gas, and condensate discovery offshore Australia.

The studies have resulted in a significant upgrade to the estimate of the volume of hydrocarbons contained in the Oliver structure.

In December/January, Stuart intends to drill the Oliver 2 appraisal well to establish the upper limits of the Oliver resource.

The Oliver resource is now likely to be developed as an oil and gas liquids stripping operation, with the de-liquefied gas being injected back into the reservoir for production and sale at a later date.

Stuart Petroleum is in the process of developing reservoir models to assist the location of
Oliver 2. The company hopes to derive estimates of the volumes of oil, condensate, and gas that are likely to be recoverable under a range of development scenarios.

06/12/2009

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