Anzon, which partners Beach Petroleum and CIECO in the project, said output levels of 12,000-14,000 barrels of oil per day had been sustained, following a four-month long curtailment due to mooring failure.

However, this rate is still well below the 20,000bopd anticipated while the project was ramping up towards full-field production earlier this year.

Despite this, Anzon said the Basker-Manta JV had achieved “remarkable success” in fast-tracking these two previously static resources in 200m water depth, from concept to full production in less than three years.

“Moreover the development drilling and production has proven up a significant increase in gas and oil reserves from the pre-development estimates, which justifies additional development wells in 2008,” Anzon said.

“The Ocean Patriot rig, is due to start drilling Basker-6 in early February 2008, which will target the expanded area of the field to the southeast.”

Anzon said it might connect the well to the existing facilities within a few months after completion.

Further drilling using the Kan Tan 4 rig on Basker-7, -8 and Manta-3 is planned for the third quarter of 2008.

To date, the Basker-Manta joint venture has produced 3 million barrels from the field, following a 344,000-barrel cargo delivery at the end of November to the Shell Geelong refinery.

“Once again the high quality of the crude meant the average price being received for this load was just under $US100 per barrel [or] $A113,” Anzon said.

“This provided a total of (net) $US34.1 million to the JV participants.”

Interests in the Basker-Manta JV are Anzon, as operator, with a 40% stake, Beach with 40% and CIECO with the remaining 20%.