BMG Joint Venture Confirms Second Oil Field

The Manta-2A well has successfully achieved all its primary objectives. Manta-2A has penetrated the Intra-Latrobe oil reservoirs updip of Manta-1, with a final log evaluation indicating 32.9 m Measured Depth (m MD) of net oil pay (29.8 m True Vertical Depth (m TVD)), and 29.0 m MD of net gas pay (26.3 m TVD). The well has been completed this past week with a 4.5 inch completion string and last night the well was production tested.

The well was tested over a 3/4-inch choke for a total of 5 hours and achieved a stabilized flow for 2 hours of 6370 barrels per day (bpd) of oil and 4.4 million standard cubic feet per day (MMscfd) of gas, and zero water. The maximum rate recorded was 6443 bpd of oil, and an average produced Gas Oil Ratio of 727 SCF per barrel, consistent with Manta 1. The well head pressure was recorded at 1509 psig. Several samples were obtained demonstrating the presence of a light sweet crude oil of around 42 degree API Gravity.

The quality of the reservoir sands is similar to those encountered in Manta-1 which tested maximum production rates reported in 1984 by Shell, of 5157 to 6369 bpd from each of two zones.

The well has been shut-in and will remain so until later in the third quarter this year, when it will be hooked up to the Crystal Ocean FPSO as part of the commissioning of the Basker-Manta full field development. Meanwhile the Ocean Patriot will now move onto the Basker field where it will carry out the drilling of three more wells (Basker 3, 4 and 5) over the next 4 months.

The participants in the Basker-Manta Joint Venture are Anzon Australia as operator with 50% and Beach Petroleum with the remaining 50%.

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