Pertamina Picks Up Stake in Offshore BMG Project

Following receipt of government and joint venture approvals and satisfaction of other conditions precedent, Anzon Australia Pty Limited, a wholly owned subsidiary of ROC, has completed the sale of a 10% participating interest in Production Licenses VIC/L26, VIC/L27 and VIC/L28, offshore Victoria, which include the BMG project, to PT Pertamina Hulu Energi Australia Pty Limited, a subsidiary of the Indonesian National Oil Company. The effective date of the sale is April 1, 2009. Total cash consideration including working capital was US $31.5 million.

BMG joint venture participating interests are now:

  • Anzon Australia Pty Limited (Operator)........................................ 30%
  • Beach Petroleum Limited.................................................................. 30%
  • CIECO Exploration and Production (Australia) Pty Ltd................. 20%
  • Sojitz Energy Australia Pty Ltd........................................................... 10%
  • PT Pertamina Hulu Energi Australia Pty Limited........................... 10%
     
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