20 August 2008

JWS assist Stuart Petroleum with $85M acquisition

Johnson Winter & Slattery has assisted long term client Stuart Petroleum with an $85M deal to acquire a 50 per cent stake in a Timor Sea oil field 700km west of Darwin. Announced on Wednesday 20th August, the offshore development deal will increase Stuart’s oil reserves more than threefold. James Marshall, lead JWS Partner on the acquisition, said “This is a great result for our client as this acquisition has the capacity to be a company transforming transaction. This project as part of Stuart Petroleum’s strategy to evolve and expand their maiden offshore portfolio has very exciting potential.” Under the deal, Stuart will drill an appraisal well on the Oliver oil field (discovered by BHP Billiton in 1988) at a cost of about $60 million. As part of the transaction, JWS assisted Stuart Petroleum in the negotiation of a contract under which the semi-submersible drilling rig, Songa Venus (currently working the North West Shelf area) was engaged to drill the appraisal well in mid to late 2009. Johnson Winter & Slattery firm details JWS is a national corporate law firm with 37 partners, and offices in Sydney, Melbourne, Adelaide and Perth. The firm represents major private and public sector business organisations in a number of specialist practice areas. The firm is resourced with a bias to senior lawyers with exceptional legal and commercial expertise, ensuring timely decision-making and the delivery of superior legal services. JWS was named Best Australian Law Firm (revenue of $20m -$100m) at the BRW Client Choice Awards in 2008. Media contacts: Peter Slattery, Managing Partner Phone. +61 (8) 8239 7114 Mobile. +61 419 819 348 Email. peter.slattery@jws.com.au Alison Hatch, Communications Manager Phone. +61 (8) 8239 7148 Mobile. + 61 410 625 001 Email. alison.hatch@jws.com.au

Download: Press Release Stuart acquisition of Timor Sea Oil Field August 08.pdf (24 Kb)

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