Basker-Manta Repairs Progressing

The offshore pre-commissioning work on the Crystal Ocean has progressed very well during the past week. Commencement of production, or "first oil", is expected to occur on Friday, November 11th, consistent with earlier forecasts.

The repairs to the Bow Loading System on the Basker Spirit are also progressing well, with the vessel expected to be offshore at the Basker-Manta Single Point Mooring at the end of this week. Notwithstanding the current schedule of repairs, the production of "first oil" is independent of the Basker Spirit, as the Crystal Ocean has its own storage capacity of 40,000 barrels.

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