re: Ann: Basker-Manta-Gummy Oil and Gas Proje... Razorback,
"In 2009 and 2010, the BMG JV will focus on enhancing the production performance of the Phase-1 oil project. Development commitments for the Phase-2 gas project have been reduced in 2009."
The JV was intending to spend in excess of A$1,230M as per Anzon's 7 July 2008 Announcement. That announcement was made when oil prices were at record levels. The fact that the JV has been able to defer Phase-2 expenditures in 2009 at a time when oil prices are significantly lower than July last year is a major plus for the JV.
It would be interesting to see what ROC's projected expenditure on exploration and development will be now in 2009 or has this already been anticipated by some of the research analysists.
Regards
SP
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