OilVoice - Stuart Petroleum Receives Approval For Timor Sea Permit Sale

Stuart Petroleum Receives Approval For Timor Sea Permit Sale

Thursday, February 11, 2010

The Foreign Investment Review Board has notified its approval of the sale of Stuart Petroleum 's interest in Timor Sea petroleum exploration permit AC/P33 to PTTEP Australasia (Ashmore Cartier) Pty Ltd.

All conditions pertaining to this sale are now satisfied and as a consequence settlement
on the sale will occur and:
• Stuart will receive approximately A$10 million at settlement.
• The Company will have approximately A$3 million cash at bank and a strong cash flow from its Cooper Basin oil production post settlement.

Stuart's Managing Director, Mr Tino Guglielmo, welcomed the Foreign Investment Review Board advice, saying that:
'Stuart has done well to take a position in the Timor Sea and to use its technical capabilities to add value and pass the project on at a profit.

'Our position in the Cooper/Eromanga Basin has been much strengthened with the recent award of acreage from the South Australian Government and the Company plans to announce details of the first phase of its major 2010 and 2011 exploration programme shortly.'