In a Friday statement, the company said formation evaluation wireline logs were being run at the well, which was drilled by the Ocean Patriot semi-submersible drilling rig to a total depth of 3395m.

The sands were found close to prognosis, unlike in the the original Basker-6, drilled in late March, which intersected its objectives were about 40m low to prognosis and below the hydrocarbon-water contacts.

This disappointing result saw Anzon shares plummet on worries that the field was likely to hold less recoverable oil than previously believed.

There has since been much industry speculation about a possible reserves downgrade and the chance that Nexus Energy, which is taking over Anzon, will demand a renegotiation of the merger terms.

The participants in the Basker-Manta Joint Venture are Anzon Australia (operator and 40%), Beach Petroleum (40%) and Itochu subsidiary, CIECO, (20%).

Beach is moving to complete the sale of 10% of Basker-Manta to Japanese company Sojitz.