Ocean Patriot Completes Drilling Program at BMG Field

Anzon Australia has provided an update on BMG Oil and Gas Field operations.

Following completion of the Basker-7 ("B7") development well as a future producer, the Ocean Patriot rig has departed the field having completed the 2009 workover and drilling program ahead of schedule, within budget and with no lost time injuries. Tie-in of B7 to existing subsea production facilities is planned to be completed in September.

The Basker-3 ("B3") well production rate has been in line with expectations since coming online in mid-August following its successful re-completion.

Basker-2 ("B2") choke repairs are planned to take place when BMG is offline for approximately eight weeks from mid-September for planned survey, maintenance and upgrade activities on both the Crystal Ocean FPSO and the Basker Spirit tanker.

Following the successful completion of B2 subsea repairs and the commissioning of B7, the average production rate is expected to increase to approximately 10,000 BOPD.

Participating interests in the BMG Project 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%
• Pertamina Hulu Energi Australia Pty Ltd, 10%