Anzon Ramps Up Production at Basker Manta

The Basker Manta Joint Venture reports that production from the Basker and Manta Oil fields has been restored to continuous rates in excess of 12,000 bbls/d.

As reported last week, the mooring for the shuttle tanker has been re-instated and normal operations resumed over last weekend. The wells and production facilities have been ramped up gradually and a combined production rate is presently 12,600 bbls/d and increasing. Produced gas of approximately 32 million standard cubic feet is being reinjected via the large centrifugal compressor into Basker-4 to minimize flaring. All operations are running smoothly and safely. This announcement marks the cessation of the production interruption following the mooring failure 4 months ago. The financial impact of this interruption, both repairs and production revenue, has been mitigated with the JV's full insurance cover.

A cargo of crude in excess of 300,000bbls on the shuttle tanker Basker Spirit is planned to be sold to the Shell Geelong refinery at the end of this month.

The participants in the Basker-Manta Joint Venture are:

Anzon Australia Limited as operator with 40%; Beach Petroleum with 40% and CIECO Exploration with the remaining 20%.