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Tuesday, 02 December, 2008, 02:20 GMT | more >>

Stuart farms into Gippsland block



By Upstream staff 

Australian explorer Stuart Petroleum said today it had entered into a farm-in agreement at the Gippsland basin permit Vic-P53, off Victoria.

Stuart has committed to the drilling and sole funding of the Bazzard-1 exploration well, which the company believes has potential to contain an un-risked oil reserve of between 30 million and 50 million barrels.

If the well is successful, Stuart will earn a 50% interest in the relevant discovery area.

Upon completion of Bazzard-1, Stuart will become operator of the Vic-P53 permit and may elect to acquire a 50% interest in the whole permit by drilling a second well.

Stuart will also contribute to past costs, including the costs of a recently acquired 3D seismic.

Stuart is currently negotiating a rig slot to drill Bazzard-1 for mid-2008.

Once the well is completed, the joint venture partners at the well will be Stuart (50%) Cue Petroleum (25%), Exoil (16.667%) and Moby Oil & Gas (8.333%).


Friday, 17 August, 2007, 01:33 GMT  | last updated: Friday, 17 August, 2007, 10:29 GMT

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