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Friday, 05 December, 2008, 16:50 GMT | more >>

Stuart primes drillbit at Rainbird



By Upstream staff 

Australia’s Stuart Petroleum said it will spud the Rainbird-1 exploration well in PEL 93 early next week as part of its 2007 Cooper-Eromanga basin drilling programme.

Stuart said drilling activities will begin on or about 7 August, targeting in-place potential of about 6.4 million barrels of gas and 4 billion cubic feet of gas.

Rainbird-1 lies about 8 kilometres south-west of the Stuart-operated Worrior oilfield.

The well is being drilled according to a new farm-in agreement between Stuart, Cooper Energy, Red Sky Energy and Magellan Petroleum.

Red Sky and Magellan will farm in to the Rainbird prospect by each paying for 49% of the cost of drilling the well.

On successful completion, Stuart will hold a 36% operating interest in Rainbird-1, alongside Red Sky (24.5%), Magellan (24.5%) and Cooper (15%).


Friday, 03 August, 2007, 02:07 GMT  | last updated: Friday, 03 August, 2007, 07:49 GMT

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