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Stuart Petroleum to sell Timor oilfield stake to PTTEP

Stuart Petroleum to sell Timor oilfield stake to PTTEP

Smaller oil company Stuart Petroleum (ASX:STU) said it will sell its 50% stake in a Timorese off-shore oilfield for $7.5 million to a subsidiary of Thai oil producer PTTEP.

Stuart shares, which resumed trading today after nearly a month in suspension, have since fallen 6.25% to $0.60.

PPTEP has been in the news lately regarding a massive oil spill on one of its existing oil rigs in the Timor Sea, off the northwest coast of Western Australia.

The well has been leaking oil and gas for months, despite two separate attempts to plug the leak. The the Department of Resources, Energy, and Tourism estimated that the site could be leaking up to 2,000 barrels of oil per day.

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