BMG JV Suspends B5 Workover, Moves Ocean Patriot to B3 Well

Anzon Australia Pty Limited ("AZA"), a wholly owned subsidiary of ROC, advised that the Basker-5 ("B5") well workover has been suspended and the Ocean Patriot rig moved to the Basker-3 ("B3") well workover.

The B5 workover programme was designed to isolate water production within the B5 well through the installation of a cement plug to isolate the lower reservoir sands. The production log acquired during the workover to confirm the source of water inflow showed a more complex combination of water and gas flowing within the well. The workover has been suspended and the isolation procedure is under review due to the results from B5 production log test.

As a result the oil acceleration benefits from B5 which, prior to commencement of the program, were assessed to be approximately 800 BOPD (ROC: 240 BOPD), are currently uncertain.

Subject to further assessment of the log results, a revised B5 workover may be undertaken at the end of the current drilling campaign, which includes the B3 workover and the Basker-7 ("B7") development well.

Subject to the satisfaction of conditions precedent (including applicable regulatory approvals) relating to the proposed sale by AZA of a 10% interest in BMG to Pertamina, participating interests in the BMG Joint Venture are:

  • Anzon Australia Pty Limited (Operator); 30%
  • Beach Petroleum Limited; 30%
  • CIECO Exploration and Production (Australia) Pty Ltd; 20%
  • Sojitz Energy Australia Pty Ltd; 10%
  • PT Pertamina Hulu Energi; 10%