A "Notification of Intention to grant a Production License for Petroleum VIC/L26" has been provided to the Joint Venture which the Joint Venture intends to accept within the three months time limit provided.
With the grant of this license the full development of the Basker-Manta oil fields will proceed as originally scheduled with the objective of producing 20,000 bopd by mid 2006. In the meantime, the commencement of production from Basker-2 is scheduled to occur in early November 2005 and a six months production period will generate significant cash flows to the Joint Venture while completing the drilling of the remaining development wells.
The Joint Venture expresses its appreciation to the Victorian Department of Primary Industries for achieving this milestone for this significant development offshore Victoria. The offer of a Production License was received exactly eight months after the initial submission, the Preliminary Field Development Plan, on 25 February 2005. The award of this license in eight months is believed to be a record and is believed to have occurred principally due to the efficient handling by the Department.
The participants in the BMG Joint Venture are Anzon Australia Limited 62.5% (Operator) and Beach Petroleum Ltd 37.5%
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