Stuart has thereby been confirmed as Operator of the permit and year 3 of the permit has been extended to October 15, 2008. Vic P53ís six-year term will now expire on October 15, 2011.
The Managing Director of Stuart Petroleum Limited, Mr. Tino Guglielmo said today that "Confirmation of the Joint Authorit's approval comes on top of Stuart' having secured a drilling slot with Seadrill Management's 'West Triton' jackup rig. The way is now clear for Stuart to proceed with drilling the Bazzard 1 well on Vic P53 next September."
Stuart is farming in to 50% of the Bazzard structure by sole-funding the Bazzard 1 well. Stuart may elect to sole-fund a second well in order to earn a 50% interest in the remainder of the permit and in the Vic P53 Joint Venture.
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