BMG JV Completes Itochu Farm-in

The Basker Manta Gummy (BMG) Joint Venture has completed a farm-in transaction with ITOCHU, selling 20 percent interest in the joint venture.

ITOCHU paid Anzon and Beach Petroleum A$123 million cash each, making the gross value for the BMG Project A$1.23 billion.

The new participant in the BMG Joint Venture will be CIECO Exploration & Production (Australia) Pty Ltd, a wholly owned subsidiary of ITOCHU.

Both Anzon and Beach are keeping 40 percent interest in the joint venture.

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