The sale will leave Voyager with over $3.0 million cash at bank and the company expects production testing of the Jingemia oil field to maintain a cash flow.
Jingemia is anticipated to be on full production in early 2004 with Voyager's net production reaching 250bopd, a rate almost double what the company has been receiving from Nockatunga.
Voyager said the Nockatunga field has been a well performed, cash generating asset but the company has shifted its focus to its growing Perth Basin oil field development and exploration projects.
Voyager has a 5% equity in the 20 to 30 million barrel, offshore Cliff Head oil discovery that is progressing towards formal declaration of commerciality in the third quarter of this year and a 6.27% interest in the five million barrel, onshore Jingemia oil field.
"Cycling out of Nockatunga in this manner puts us in a strong position to fund our way through all of our Perth basin commitments to the point of project financing of the Cliff Head oil development, which we anticipate mid next year. This should include at least three exploration wells." said Voyager's managing director John Begg.
"Alternatively we are in a strengthened position to create and take advantage of new business opportunities that are consistent with our business plan."
