hi all stu holders,here is a story from petroleum news i
get each week,it shows how stu is now looking for much
bigger oil,got to like expansion beyond our shores...
Stuart enters Angola
Monday, December 17, 2007
ANGOLA has become the focus of a second Australian-listed petroleum company, with Stuart Petroleum announcing it had formed a joint venture to explore for onshore oil in the West African nation.
Seismic in Angola
Stuart's entry follows earlier exploration efforts by Roc Oil, which has had a mixed degree of success to date.
In a statement today, Stuart said it had teamed up with Giraul Petroleum, a privately owned Angolan-based company, to evaluate opportunities in the country for oil discovery and development.
This follows an announcement by the Angolan State oil concessionaire, Sonangol that Stuart successfully pre-qualified as an operator for the bidding round, which opened December 13.
Stuart managing director Tino Guglielmo said he expected new seismic and exploration techniques were expected to define oil targets in the 3 to 30 million barrel size range.
"Onshore acreage in Angola has remained dormant over the past 30 years and has yet to be the subject of modern exploration techniques and technologies," he said.
"We look forward to working with Giraul by bringing to the Angolan industry Stuart's more than 200 man-years of onshore operating oil experience. Angola has a quality human resource base and an administration which is committed to growing the Angolan economy."
The permitting process is expected to lead to onshore exploration licences being awarded in mid 2008.
STU Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
