On 1 November 2006, Anzon executed a second amendment to its existing Multi-Option Facility Agreement with BOS International (a wholly owned subsidiary of HBOS Australia) and Westpac Banking Corporation, who acted as Joint Lead Arrangers for the transaction, increasing the available funds (subject to certain conditions) by an additional US$20 million. The total project finance arrangements now in place aggregate to an amount of up to US$95 million.
The continued support of Anzon's bankers demonstrates their confidence in Anzon's management team and the Basker Manta oil development. As advised previously, the construction (and installation) work in Bass Strait will be completed this weekend and both the Crystal Ocean (FPSO) and the Basker Spirit (shuttle tanker) have departed Singapore for the project location. First oil is anticipated to occur in December 2006.
The additional financing also provides the opportunity for the early implementation of the gas project. The proposed gas project will be the Company's next major development as operator, and follows on from the successful Basker-Manta oil project.
Beach Petroleum Limited is Anzon's Joint Venture partner with a 50% interest in the BMG Joint Venture.
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