Anzon’s board has decided to accept the offer, but BMG partner Beach Petroleum has a pre-emptive right to the stake and has until August 8 to exercise its right. Beach, which halted its shares from trading yesterday, currently has a 25% stake in the BMG development and a 9.7% stake in Anzon.

Anzon will not yet name the mystery buyer because of Beach’s pre-emptive right, but it has said the buyer is a “major, major corporation”.

The Japanese company is offering an initial payment of A$30 million on or before August 8 this year and a second payment of A$9 million on or before January 10 2006.

In addition, the buyer is offering a bonus payment of up to A$6 million for oil production during the first three years of the oil development, and an optional premium for the gas development of 2.5% of the first A$100 million capex spent.

The BGM fields are in the VIC/RL-6, VIC/RL-9 and VIC/RL-10 retention leases.

“The signing of its financing arrangements on 1 July, together with this farmin transaction, will enable Anzon to meet its forecast obligations under the Basker-Manta project, and provide additional funds for further corporate development,” Anzon said yesterday.