Roc's Vic gas project set for sale
May 28, 2013, 7:22 am
Peter KlingerThe West Australian
Roc Oil and partners in the Basker Manta Gummy gas project off Victoria have begun the process of selling the mothballed asset after appointing Tim Woodall's Miro Advisors to find a buyer.
Mothballed for about a year, Basker Manta Gummy is thought to contain a 350 billion cubic feet gas resource.
Roc and partners, which include Beach Energy and Indonesia's Pertamina Hulu, are hoping that rising east coast gas prices will spark significant interest for BMG, in the Gippsland Basin.
Japan's Sojitz, which is a minority partner in BMG, is understood to not yet have agreed to a sale, although that should not impede the Miro process, given it has a mandate from about 87 per cent of the project's owners.
BMG was a much-hyped asset and has produced three million barrels of oil for its owners since 2006, until a decision was taken in 2011 to shut down the operation and leave the gas undeveloped.
Despite the fast-rising east coast gas price, BMG is no longer considered core for Roc, which has a new focus on South East Asia, and Beach, which is a big player in the Cooper Basin and earlier this year cemented a farm-in deal with Chevron over some of Beach's shale acreage
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