Cooper basin: primed for more drilling activities.
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Stuart lines up lucky seven
Australia listed Stuart Petroleum plans to drill on seven oil prospects with recoverable oil potential of 2.5 million barrels over the next two years.
The seven prospects are located in Cooper and Eromanga basin permits PEL 90, 100, 102, 113 and PELA 516.
Stuart expects to draw on the cash flows from its existing production to fund the exploration.
Crude production is projected at over 250,000 barrels in financial year (FY) 2010 and about 300,000 barrels in FY2011.
Three more wells including one development and two work-overs are planned for its flagship Worrior oil development to jack up production.