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Monday, 06 October, 2008, 11:50 GMT | more prices >>

Stuart prepares for Cleansweep



By Upstream staff 

Australia’s Stuart Petroleum said today is would start drilling the Cleansweep-1 exploration well at permit PEL 100 in the Cooper-Eromanga basin on or about 10 October.

Stuart said the well was targeting un-risked mean oil in place of 4.8 million barrels.

The well is the first to be drilled by Stuart in PEL 100 under its farm-in agreement with the licence holders.

Stuart is funding 100% of the cost of the well to earn a 50% interest in the licence.

The company will act as operator for the well and will become operator of the licence upon completion of the well.

Upon completion of the well, the partners in PEL 100 will be Stuart (50%), Sundance Energy (23.333%), Cooper Energy (19.167%), Enterprise Energy (5%) and Liberty Petroleum (2.5%).


Thursday, 04 October, 2007, 01:52 GMT  | last updated: Thursday, 04 October, 2007, 01:59 GMT

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