Reference is made to the Stock Exchange Release made on December 19, 2008 by ROC on behalf of its subsidiary, Anzon Australia Limited ("AZA") in relation to termination by the participants in the BMG Project of the Letter of Intent ("LOI") with BW Offshore ("BW") for supply of a floating production and storage and offloading vessel ("FPSO") for the proposed BMG Phase 2 Project.
AZA has today received notice of a claim against the participants in the BMG Project by BW in the Federal Court of Australia seeking recovery of costs relating to terminating third party vendor contracts entered into by BW in relation to performance of initial activities under the LOI. Costs claimed are in the order of US $90.1 million. Participants in the BMG Project dispute that these costs are payable and intend to defend the claim.
The offshore Gippsland Basin has been a major oil and gas province with estimated proved and probable (2P) ultimate recoverable volumes of more than five billion barrels of oil and more than ten trillion cubic feet of sales gas.
Participating interests in the BMG Project are as follows:
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