Stuart Petroleum Ltd (STU) will go ex dividend on 30/8/2010. The current dividend payment is 2 cents and it is 100% franked. The record date is 3/9/2010 and the dividend will be paid on 16/9/2010. Based on the full year payment the dividend yield is 3.6%.
*Current Yield: Franking: 100% DRP Discount: Not Available
*Yield has been calculated on the closing price on the 13/8/2010. Current yield is based on the current dividend payment only.
Oil producer Stuart Petroleum Limited (STU) advises that the South Australian Minister for Urban Development and Planning, the Honorable Paul Holloway, has formally approved of an application to construct diesel receival, storage and distribution facilities at Port Bonython in the upper reaches of Spencer Gulf.
The Development Application was lodged by Port Bonython Fuels Pty Ltd, a wholly-owned subsidiary of Stuart Petroleum and the Minister’s approval relates to:-
Port Bonython Fuels
Agricultural, pastoral, construction, resource, tourism and diversified diesel users in the north and west of the State will benefit from fuel being delivered directly into the region in bulk and stored there in quantity. Once operational, the Project will lead to a reduction in the volume of heavy traffic on roads leading northwards from Port Adelaide. Total carbon emissions associated with the provision of diesel to the north and west of the State will also be reduced.
The Port Bonython Project will be capable of delivering up to 1,000 million litres of diesel annually to fuel growth and industry in the north of the State. The first stage of the Project is scheduled to cost A$60 million. The second stage plans for expansion of storage and construction of a micro diesel distillation plant and will be subject to economic feasibility.
Stuart Petroleum’s Managing Director, Mr Tino Guglielmo said: “Government approval of the Project Development application brings Final Investment Decision an important step closer. Stuart is presently negotiating with major industry participants who have expressed an interest in the Project and Port Bonython fuels may ultimately choose to share its 100% equity with a business partner.”
Stuart Petroleum Limited (STU) has agreed to sell its 50% interest in petroleum tenement AC/P33 in the Timor Sea (including the ‘Oliver’ field) for US$7.5 million subject to satisfaction of conditions which include Australian Government approvals. Settlement is expected to occur by the end of November 2009. Stuart will receive 100% cash for its interest and the Company will record a pre-tax profit of approximately A$4.4 million from sale of this interest which it acquired in August of last year. Stuart continues to enjoy strong cash flows from its Cooper Basin oil production and the Company will be essentially debt free upon settlement of the Oliver transaction. AC/P33 will be acquired by PTTEP Australasia (Ashmore Cartier) Pty Ltd, a subsidiary of PTT Exploration and Production Public Company Limited (PTTEP) from Stuart and the Auralandia Group. PTTEP is a subsidiary of the Thailand-based oil firm, PTT, which is one of the 10 largest companies listed on the Stock Exchange of Thailand. Under the sale agreement, PTTEP will fund the drilling of the Oliver-2 appraisal well through an arrangement that will also allow PTTEP to exercise Stuart’s rights under the drilling contract it entered into for the drilling of the appraisal well.
Stuart’s Managing Director, Mr Tino Guglielmo, said today that “The sale of AC/P33 to PTTEP is an excellent result for a year’s work from the Stuart technical team. Stuart’s studies have created value for itself, for its joint venturers, the Auralandia Group, and for PTTEP.“ Mr Guglielmo said “Stuart is now well placed to further leverage off its technical capabilities by capitalising on its position in both oil and gas in the Cooper/Eromanga Basin as well as other investment opportunities that fit within its overall portfolio, including securing approvals required for the Port Bonython Fuels Project.”
