Manta-2 Well to be Re-Spudded

The Ocean Patriot commenced the drilling of the Manta-2 development well on January 17, 2006, and by January 22, 2006 had drilled to a depth of 971 meters and set the 13-3/8 inch intermediate casing.

After pressure testing the integrity of the well the casing string was found to have mechanically parted at the cross-over from the 13-3/8 to 20 inch casing at a depth of about 163 meters. Consequently, the well has been plugged and a new well path will commence today. The Manta-2 well plan will accordingly be extended by about five days. In all other respects the operations of Manta-2 have gone to plan with no adverse safety incidents.

Meanwhile the FPSO, Crystal Ocean, re-commenced production to the shuttle tanker, Basker Spirit, over the weekend, after successfully selling the first cargo of the Basker Manta development. Production is being re-established at about 8000 bpd from the upper interval in readiness for opening the lower interval later this week.

The participants in the Basker-Manta Joint Venture are Anzon as operator with 50% and Beach Petroleum Limited with the remaining 50%.

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