Bonding for Cooper campaign

 30 October 2001 07:21 GMT

Australian companies Beach Petroleum and Stuart Petroleum have joined forces to undertake the drilling in December of the first wildcat oil exploration well in newly-accessed tenements in Cooper basin, South Australia.

The drilling of the highly prospective Acrasia-1 prospect in PEL 90 (formerly block CO98-E) will now be a joint venture between the two listed companies.

In a statement issued today, Beach and Stuart said Beach would acquire from Stuart a 25% interest in a portion only of exploration block CO98-E.

The joint venture formation follows the granting of Native Title agreements earlier this month that formally opened up tenements in the Cooper basin, relinquished by Santos and Esso three years ago, for exploration by other companies.

CO98-E is located primarily within the northeastern Patchawarra…

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