Oil co forecasts 20% rise in output

Posted on 17/11/2009  

Stuart Petroleum has forecast its oil production to increase 20% by 2011 and has identified numerous new drill targets. Stuart managing director Tino Guglielmo says the company has also applied for three new exploration areas in the Cooper Basin based on a pre-determined work program, with a decision on those applications expected from the South Australian Government by early in the new year. He says the company will be in a position to make a final investment decision on the $60 million first stage of its Port Bonython diesel project early next year.

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