With the 178mm liner run at the 3414-metre total depth, Anzon said the Basker-2 logs also identified excellent high permeability Intra-Latrobe sands, about 20 metres higher than the sands in Basker-1. Basker-1 had 22 metres of net pay compared with Basker-2's 21 metres.

Sampling recovered light sweet crude with 43-degree API Gravity. Sufficient sample volume has been collected to allow for refinery type assays to be conducted, a necessary process for the commercialisation of the production.

"Log porosity and permeability indications are consistent with the anticipated high Gippsland Basin productivity," Anzon said.

"The well will be completed to allow selective production testing of separated zones as well as a commingled stream.

Anzon said preparations were now being made to complete the well, with initial cleanup flows expected in seven to 10 days.

Participants in the VIC/RL6 Joint Venture are: Anzon Australia (62.5% - operator); and Beach Petroleum (37.5%).