South Australian based oil producer announces that it will spud the Brew 1 exploration well in Cooper/Eromanga Basin PEL 113.

South Australian based oil producer, Stuart Petroleum Limited (ASX Code:STU) today
announced that it will spud the Brew 1 exploration well in Cooper/Eromanga Basin PEL 113
on or about 14th July 2008.

Brew 1 will target probabilistic mean undiscovered gas reserves potential of 17.5 billion
cubic feet plus associated gas liquids.

The Managing Director of Stuart Petroleum, Mr Tino Guglielmo said, “Brew is the final well
in our three well 2008 Cooper/Eromanga Basin exploration program. It follows the Subzero
1 well drilled with Avery Resources (35%). The Brew 1 well precedes the drilling of the
Bazzard 1 exploration well in the Gippsland Basin permit Vic P53, currently scheduled for
late August.”

Brew 1 will test a relatively large gas/condensate stratigraphic trap located against the
northern flank of the Dunoon High. Reservoir quality is expected to be similar to the nearby
Cabernet Gas Field. The well will be deviated through the Patchawarra Formation to
penetrate a succession of potential reservoirs close to a reverse fault. If successful, there
is follow-up appraisal potential to the northeast.

Brew 1 is testing the same type of Patchawarra Formation stratigraphic trap as Subzero 1,
(14km southwest) but in the case of Brew 1, the well is located at the top of the structure. A
successful result at Brew 1 could lead to the drilling of a Subzero 2 well, to test the trap
updip of the significant shows reported in the Patchawarra Formation of Subzero 1.

Success at Subzero 2 could lead to a re-entry of Subzero 1 for further testing. In
consideration of this possibility, the Murteree Block joint venture has agreed to plug and
suspend the Subzero 1 well in lieu of the previous decision to plug and abandon.

The primary target in Brew 1 is the Patchawarra Formation, for gas and gas liquids.
Stuart Petroleum has 100% equity in Brew 1 which will be drilled by Century Rig 3.