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Stuart Petroleum to Work With Giraul for Oil in Angola

12-17-2007

STUART Petroleum will explore for oil in Angola after signing an agreement with Giraul Petroleum.

Adelaide-based Stuart said today it had pre-qualified as an exploration operator, and can now participate in the current round of bidding for exploration tenements.

Managing director Tino Guglielmo said the company was expecting to receive exploration licences by the middle of next year.

``Onshore acreage in Angola has remained dormant over the past 30 years and has yet to be the subject of modern exploration techniques and technologies,'' Mr Guglielmo said.

``New seismic and exploration techniques are expected to define oil targets in the three to 30 million barrel size range.

``We look forward to working with Giraul by bringing to the Angolan industry Stuart's more than 200 man-years of onshore operating oil experience.

``Angola has a quality human resource base and a administration which is committed to growing the Angolan economy.''

Mr Guglielmo said the company had been working on the deal with an Australian-based, Angolan businessman for about two years.

Stuart said Giraul Petroleum was a private Angolan company formed in response to the Angolan Government's desire to develop a strong local oil industry.

The companies would each have a half share in the joint venture.

Angola is in the sourthern Africa, and is rebuilding its economy after a 27 year civil war which ended in 2002.