Anzon Australia to Commence Basker-6 Well

Anzon Australia Limited, as operator of the Basker-Manta-Gummy (BMG) Joint Venture, advises that the Ocean Patriot semi-submersible drilling rig arrived at the Basker-6 well location this morning and is currently running anchors. The rig expects to spud Basker-6 on March 6 and to take approximately 40 days to drill and complete the well.

Basker-6 is a conventional low-angle well to be drilled in the south-eastern part of the Basker field and has both development and appraisal objectives. The well will be drilled and evaluated prior to being completed for future oil production. After the drilling rig departs, the operator expects to mobilize an installation vessel to tie-in the Basker-6 well to the existing facilities and begin producing through the Crystal Ocean FPSO in July 2008.

After drilling and completing Basker-6 the Ocean Patriot rig will have fulfilled its commitment to the BMG Joint Venture having drilled six wells in the Basker-Manta development over the past two and a half years. The rig will be released to Santos Ltd.

The participants in the Basker-Manta-Gummy Joint Venture are: Anzon Australia Limited, 40% (Operator); Beach Petroleum, 40%; CIECO Exploration and Production (Australia) Pty Ltd, 20%.