Stuart Petroleum Managing Director Tino Guglielmo said “The available evidence suggests that the maturity of the Roseneath and Murteree Shales [within the permit] is optimal for the generation of gas which is rich in high-value liquids – condensate, LPG and ethane – and lean in valueless carbon dioxide.”

“The results of first pass development analysis indicates that Stuart’s drilling and well completion costs can be expected to be in the mid-range,” Mr Guglielmo said.

Data on the shales is being analysed to assist in preliminary planning for fracture stimulation and gas production operations in the permit.

MHA Petroleum consultants provided the analysis, stating that Stuart’s shale accumulations are comparable in area, thickness, depth, organic content, thermal maturity and pipeline infrastructure with currently productive shale gas provinces in the United States.