AEL Anzon Energy

    RNS Number : 4094D
  Anzon Energy Limited
  15 September 2008
   

    ANZON ENERGY LIMITED (CODE: AEL)

    15 September 2008

    ANZON ENERGY LIMITED ANNOUNCES THAT ITS SUBSIDIARY
    ANZON AUSTRALIA LIMITED (ASX CODE:AZA) HAS TODAY MADE
    THE FOLLOWING ASX ANNOUNCEMENT


    ANZON AUSTRALIA LIMITED (ASX CODE: AZA)

    BMG B6ST1 STARTS UP
    TOTAL PRODUCTION INCREASED BY 30%


    The Basker-Manta-Gummy (BMG) Joint Venture has completed the installation of the 6 inch, 5.5 km flowline from the B6ST1 subsea tree to
the Basker manifold. Production from the well commenced to plan on September 8th, and has stabilized at more than 5000 bopd, with a
favorable gas oil ratio (GOR) and zero water. Overall production rate from the Crystal Ocean FPSO has now increased from 9,500 bopd to
approximately 12,500 bopd, a more than 30% increase. 

    Flow from B6ST1 is primarily from the new shallower oil pool discovery, sand 2872m, which is demonstrating favourable fluid
characteristics and reservoir deliverability. Overall production rate from the field continues to be limited by flow constraints in the
production riser, which carries a commingled stream of oil, water and gas. The overall higher oil rate has been achieved by substituting the
higher GOR Basker 3 crude with Basker 6ST1 low GOR crude.

    The JV is focusing now on the next phase of development, with an extensive drilling program commencing end of this year and the new FPSO
commencing 2nd Qtr 2010, which will enable nearly a doubling of rates.

    The participants in the BMG Joint Venture are:

    Anzon Australia Limited                                 40%    (Operator)
    Beach Petroleum Limited                                 30%
    CIECO Exploration and Production (Australia) Pty Ltd    20%
    Sojitz Energy Australia Pty Ltd                         10%


    For further information please contact:

    Anzon Energy Limited: Mr Tony Strasser +61 2 9922 7899
    Grant Thornton Corporate Finance: Fiona Owen +44 20 7383 5100


This information is provided by RNS
The company news service from the London Stock Exchange
 
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