bpt exiting, page-17

re: production going well Anzon and Beach have broken the magic million
mark in reaching an important milestone at their
50-50 Basker Manta Project in the Bass Strait,
having completed commissioning and selling
the first cargo of oil from the development which
has now produced a total of over 1mil bbls oil.
Production from producing wells Manta-2A plus
Basker-2, -3 & -5 has hit 16,000BOPD on its way
to the first significant benchmark of 20,000BOPD,
with the field and its components, including the
Basker Spirit tanker and FPSO Crystal Ocean, all
integrating like a well oiled machine. Since the
Dec 17 commissioning phase began, the field has
produced around 220,000bbls oil, combining with
the 860,000bbls produced in the extended
production testing phase running from around
Nov 11 2005 to May 14 2006.
Full field development rates of 25,000BOPD is
the next level to be achieved by the JV at the
field which has estimated 2P oil reserves of
39.8mil bbls, and 118mil boe of reserves and
contingent resources. The ramp-up will continue over the next 2-3 weeks . As production continues,
further assessment of the field’s reserves will be
conducted to determine whether future drilling
will be carried out at the field, which was
originally planned as a seven well development.
As it stands, a well – likely to be Manta NW-1 – is
planned for Oct this year on the Ocean Patriot
schedule. The rig is currently in NZ drilling the
AWE-operated Tui development wells, after
which it has the Hector-1 (PEP-38483), Taranui-1
(PMP-38158) and West Cape-1 (PEP-38481)
exploration wells for AWE, plus another well on
the Pateke field and options before drilling two
wells for Pogo. The rig then comes back to
Australia, possibly to drill the Anzon-Beach
development well in VIC-L-26 before going to Santos .