Anzon company secretary Tony Strasser said full development of the Basker-Manta oil fields will proceed as originally scheduled following the grant of this licence. The joint venture aimed to produce 20,000 barrels of oil per day by mid 2006, he said.

“In the meantime, the commencement of production from Basker-2 is scheduled to occur early [next month] and a six-month production period will generate significant cashflows to the joint venture while completing the drilling of the remaining development well,” he said.

Strasser said the offer was received exactly eight months after the initial February 25 submission.

“The award of this licence in eight months is believed to be a record,” he said.

The licence was offered under Section 43 of the Petroleum (Submerged Lands) Act 1967 (PSLA).

The participants in the BMG Joint Venture are: Anzon Australia (62.5% - operator) and Beach Petroleum (37.5%).