Basker-Manta-Gummy reserves officially downgraded, JV considers development options

The 2P reserves at the Basker-Manta-Gummy oil and gas fields offshore Australia have been downgraded from 18 million barrels of oil to 3.1 million barrels of oil.

Resource Investment Strategy Consultants completed its independent review of ROC's reserve estimates at the Basker-Manta-Gummy project, stating remaining 2P oil reserves as of December 31, 2009, are 3.1 million barrels of oil. 

This reserve estimate is assuming no further development activity is undertaken at the Basker-Manta-Gummy oil and gas fields. Beach Energy revealed that the joint venture has not yet reviewed the estimate and is yet to evaluate potential development opportunities. 

Development options continue to be considered, including optimizing oil production through enhanced oil recovery techniques (EOR) and possibly developing the large contingent natural gas resource of 65 billion cubic feet at Basker-Manta-Gummy.

Previously, 2P reserves at the Basker-Manta-Gummy project were estimated to be 18 million barrels of oil.

The Basker-Manta-Gummy oil and gas fields are located in the Bass Strait of the Gippsland Basin offshore Australia. The three fields were discovered in 1983, 1984 and 1990. Five production wells were drilled, as well as a gas re-injection well, tied to a subsea manifold and then connected to the FPSO Crystal Ocean.

Basker-Manta-Gummy was first brought into production in December 2006, with peak production reaching 15,000 barrels of oil a day.

ROC Oil serves as the operator of the Basker-Manta-Gummy project with 30 percent interest. Joint Venture partners on the project include Beach Energy with 30 percent, CIECO Exploration and Production with 20 percent, Sojitz Energy Australia with 10 percent and Pertamina Hulu Energi Australia with 10 percent.

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