Anzon Sees Results with Basker-2 Well

Electric logging and sampling of Basker-2 well offshore Australia has been completed. The 178mm (7") liner has been run and successfully cemented at the total depth of 3,414m MDRT.

The electric logs identified excellent high permeability Intra-Latrobe sands with approximately 21 meters of net hydrocarbon pay (compared to the 22 meters identified in Basker-1). These sands are approximately 20 meters high to the sands identified in Basker-1. The sampling recovered light sweet crude with 43 degree API Gravity.

Preparations are being made to complete the well. Initial clean-up flows from the well are anticipated in seven to ten days, assuming trouble free operations.

The participants in the VIC/RL6 Joint Venture are Anzon Australia Limited as operator with 62.5% and Beach Petroleum Ltd with 37.5%.

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