ANGOLA
Stuart has entered into a joint venture with Angola-based Giraul Petroleum
The Angolan state oil concessionaire, Sonangol, advised that Stuart Petroleum successfully pre-qualified as an operator for the bidding round which opened on 13 December 2007. Bidding was scheduled to close as of March 2008. As of February 2008 the bidding round was suspended.
Angola is the second largest producer of oil in Sub-Saharan Africa
The joint venture is targeting potential hydrocarbon accumulations ranging from 3 to 30 million barrels in size.