Production continues to soar for South African Stuart

Jan 11, 2005 01:00 AM

Stuart Petroleum has chalked up its third straight month of record oil production in the Cooper Basin. In December, the company lifted production 34 % on the previous month to 82,000 barrels.
Stuart CEO Tino Guglielmo said the firm was increasingly confident it would hit the upper end of its oil output guidance of 600,000-650,000 barrels for 2004-05.

So far this financial year the company has produced a record 308,000 barrels of oil, with 197,000 coming in the second quarter.
"We have focussed on growing production during this half year and have transformed Stuart into a strong cash generator," Mr Guglielmo said. "These production levels are comfortably above hedged volumes, with any oil produced above 45,000 barrels per month selling for around $ 52 per barrel at current oil prices."

Production was now reaching its peak and unlikely to grow further as the firm cycled back into an exploration phase, Mr Guglielmo said.
Production was driven by Stuart's 70 % owned Worrior and 35 % owned Derrilyn fields, while its Acrasia field was producing "at a modest rate". Stuart produced only 328,000 barrels of oil in 2003-04.

Mr Guglielmo said the company would be planning a "high impact" drilling campaign for the next few months which would start in late March or early April.
The 2005 drilling program would include up to eight wells.

Source: Dow Jones
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