Basker Manta Oil Reserves Increase by Another 33%

The Basker Manta Gummy (BMG) Joint Venture of Anzon Australia Limited (Anzon) and Beach Petroleum Limited (Beach) has reported the results of an Independent Engineering Audit of its oil and gas Reserves and Resources, following the completion of the successful 6 month Extended Production Test (EPT) and, appraisal and development drilling.

Internationally recognized technical consultants, Gaffney Cline and Associates (GCA) have provided a certification of the BMG oil, condensate and gas resources. The table attached, details these resources. Since the beginning of the project just 18 months ago, the Proved and Probable Oil Reserves have increased by nearly 70% to 39.2 million bbls (33% since last reserve report), after deducting EPT production. In delineating this substantial oil and gas resource, the EPT and drilling activity has identified a project expansion to include an integrated oil and gas development.

This development will address the Best Estimate Contingent Resources of 379.2 PJ of gas and 19.1 million bbls of oil and condensate. This equates, in aggregate to 118 million barrels of oil equivalent (MMboe) of Reserves and Contingent Resources, some 240% increase on the previously reported estimate of 49.3 MMboe. The classification of gas and gas liquids as a Contingent Resource is only while the gas project awaits the formal commitment to a gas contract and Joint Venture approval, which is expected during the next month.

The many project achievements of this significant development, including its fast track implementation, innovative concept using a mini-FPSO and shuttle tanker, project de-risking and rapid approvals, have been recognized by the international industry as one of the top 5 offshore projects in 20051. The Basker Manta Oil Development Project is now entering its final months, having this week reached a 94% level of completion, recording a final capital cost estimate of A$330 million (an 8.6% increase on previously reported estimate) and with the "Crystal Ocean" and "Basker Spirit" undergoing upgrades in Singapore dockyards before returning to commence forecast production of 25,000 bopd, anticipated in mid October 2006.

Meanwhile the Joint Venture is presently finalizing the feasibility and conceptual design, as well as securing a market for gas produced from the Basker, Manta and Gummy fields. Current estimates are to produce a minimum of 50 to 60 TJ/d commencing January 2008, with an accelerated development to deliver gas to the Eastern Gas Pipeline near Orbost in East Gippsland.

The participants in the Basker-Manta Joint Venture are Anzon Australia Limited 50% (Operator) and Beach Petroleum Limited 50%

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