PT Pertamina Hulu Energi gains BMG project interest

Offshore staff

SYDNEY, Australia -- PT Pertamina Hulu Energi has acquired a 10% participating interest in Production Licenses VIC/L26, VIC/L27, and VIC/L28 from Anzon Australia for $31.5 million. The offshore Victoria licenses include the Basker Manta Gummy project.

The effective date of the sale is April 1, with completion expected in the third quarter. On completion of the sale, BMG joint venture participant interests will be:
Anzon Australia (Operator) - 30%
Beach Petroleum - 30%
CIECO Exploration and Production (Australia) - 20%
Sojitz Energy Australia - 10%
PT Pertamina Hulu Energi - 10%

06/02/2009