Start-up from Basker-Manta Delayed

During the past week the installation of the export line from the Crystal Ocean to the Single Point Mooring System (SPM) was completed. The Basker Spirit arrived on location and attempted to connect to the SPM, however, the bearings failed on the Bow Loading System on the Basker Spirit. Accordingly, the Basker Spirit has returned to Port Phillip Bay to effect repairs which are anticipated to take seven to ten days.

Once the Basker Spirit returns to the Basker location commissioning of the entire system will commence with first oil anticipated during the week of November 7, 2005.

The participants in the BMG Joint Venture are: Anzon Australia Limited 62.5% (Operator) and Beach Petroleum Ltd 37.5%