Stuart Moves Forward with Gippsland Basin Exploration

Gippsland Basin
(Click to Enlarge)
Stuart Petroleum has joined a consortium of exploration companies, the "West Triton Rig Consortium" and has become a party to the Bass Strait Drilling Cooperation Agreement.

Under the terms of this agreement Stuart, in its capacity as operator for the Gippsland Basin permit VIC P53, will drill the eighth well in the Consortium's sequence utilizing Seadrill's West Triton jackup.

The West Triton is presently being outfitted in Singapore. It is expected to arrive in Victorian waters in February 2008 and expects to spud its first well in VIC P53, Bazzard 1, in September 2008.

Stuart will sole-fund the cost of Bazzard 1 to earn a 50% participating interest in any discovery area. Stuart is entitled to earn 50% in the whole of the VIC P53 permit by sole-funding a second well.

After drilling operations have been completed at Bazzard 1, participating interests in any discovery will be Stuart Petroleum with 50%; Cue Petroleum with 25%; Exoil Limited with 16.667% and Moby Oil & Gas with 8.333%.

Stuart's Managing Director, Tino Guglielmo, said "Detailed study of 2007 3D seismic data has revealed VIC P53 to be an extremely promising permit area. Stuart believes that its planned high-impact well, Bazzard 1, will test a structure with potential to contain 50 million barrels of oil (mean unrisked reserves)."

For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Well Monitoring Specialist
Expertise: WellSite Supervisor
Location: Houston, TX
Chief Mechanic (6th Gen Drillship)(Contract)
Expertise: Rig Mechanic
Location: Houma, LA
ET (Deepwater Drillship)
Expertise: Rig Electrician
Location: Houma, LA
search for more jobs

Brent Crude Oil : $49.98/BBL 1.59%
Light Crude Oil : $49.18/BBL 1.56%
Natural Gas : $2.73/MMBtu 1.44%
Updated in last 24 hours