| In May 2004, ITOCHU Corporation completed its purchase of a 5% participating interest in the permit WA-286-P in the offshore Perth Basin (northeast of Perth), Western Australia through a wholly-owned subsidiary, CIECO Exploration and Production (Australia) Pty Ltd.
The Cliff Head Oil Field discovered crude oil in WA-286-P in 2001 and has the estimated reserves at approximately 16MMBO.
After FID in 2005 and development work thereafter, Cliff Head started production on 1st May 2006, under a newly granted Production License WA-31-L. The field currently produces about 4,000BOPD.
As CIECO Exploration and Production (Australia) Pty Ltd acquired an interest in the permit VIC-L26, L27, L28 (BMG field) in October 2007, these 5% equity interests in WA-286-P and WA-31-L were transferred to a newly established subsidiary,
CIECO Energy Australia Pty Ltd in February 2008.
|
Equity Holders:
| Roc Oil (WA) Pty Limited |
37.5% |
| Australian Worldwide Exploration Limited |
57.5% |
| CIECO Energy Australia Pty Ltd |
5.0% |
|
