Stuart, Giraul tie up for Angolan exploration

South Australian oil producer Stuart Petroleum Limited and Angolan based Giraul Petroleum have agreed to jointly explore for oil onshore in the Republic of Angola, in West Africa.

In a joint announcement with Giraul today, Stuart Petroleum’s Managing Director Mr Tino Guglielmo said that the Joint Venture would evaluate opportunities for oil discovery and development in Angola. The parties will participate equally in the Joint Venture.

The Angolan State oil concessionaire, Sonangol, has announced that Stuart Petroleum successfully pre-qualified as an Operator for the bidding round which opened on 13 December.

The Managing Director of Giraul Petroleum, Mr Rogerio Da Gloria, welcomed the establishment of the Joint Venture with Stuart, a producer from 11 oilfields in the Cooper Basin in Australia. Giraul Petroleum is a private Angolan company formed in response to the Angolan Government’s desire to foster and develop a strong local oil industry. Angola is the second largest producer of oil in sub-Saharan Africa and it has a most attractive future as an oil producer.

The permitting process is expected to lead to onshore exploration licences being awarded in mid 2008.