Stuart's VIC P53 Acquisition Gets Government Nod

Stuart Petroleum says that the Joint Authority responsible for administering Gippsland Basin exploration permit Vic P53 has approved of and registered license dealings, which enable Stuart to earn an interest in the permit and in the Vic P53 Joint Venture.

Stuart has thereby been confirmed as Operator of the permit and year 3 of the permit has been extended to October 15, 2008. Vic P53’s 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.

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