Stuart enters Angolan venture

Australia’s Stuart Petroleum has formed a joint venture with Angola’s Giraul Petroleum to explore for oil in the West African nation.

Stuart said the partners would evaluate for oil discovery and development in Angola, with each party participating equally in the venture. Stuart has pre-qualified as an operator for the next bidding round for Angolan oil concessions, which opened on 13 December. The company added that new seismic and exploration techniques are expected to define oil targets in the range of between 3 million and 30 million barrels.
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