Stuart Petroleum has received A$10.29 million in settlement of the sale of its interest in Timor Sea petroleum exploration permit AC/P33. This amount includes recovery of back costs and an amount to cover the cost of casing transferred to the purchaser.
The Company has:
Stuart Petroleum plans to announce details of the first phase of its 2010 exploration drilling shortly. Drilling will focus on high probability oil and liquids-rich gas targets located close to existing production facilities.
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