Beach Petroleum receives cash for sale of 10% stake in Basker-Manta-Gummy project

abarrelfullabarrelfull wrote on 18 Nov 2014 09:14

Friday 5 October 2007

Beach Petroleum has today received a cash payment of $A123 million from ITOCHU Corporation of Japan in full payment for a 10 per cent equity share in the Basker-Manta-Gummy (BMG) joint venture in Bass Strait.
Beach Petroleum, which previously owned a 50% stake in the project, will retain a 40% participating interest in the project. The effective date of the transaction is 1 June 2007.

Anzon Australia also sold a 10% share in BMG to Itochu under the same terms as the Beach sale.

The new participant in the joint venture will be CIECO Exploration and Production (Australia) Pty Ltd, a wholly owned subsidiary of ITOCHU.

The BMG project was developed to initially produce oil from the Basker and Manta fields, based on initial proved and probable (2P) reserves estimates of about 23 million barrels (MMbbl).

But new wells drilled in 2006 expanded the reserves base with 2P oil reserves now standing at nearly 40MMbbl while an associated increase in the natural gas resource has nearly quadrupled estimates of the gas/condensate resource.

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