| In October 2007, CIECO Exploration and Production (Australia) Pty Ltd., wholly owned subsidiary of ITOCHU Corporation, completed its purchase of a 20% participating interest in the permit VIC-L26, VIC-L27, VIC-L28 in the offshore Gippsland Basin (Bass Strait), Victoria.
The Joint Venture had produced oil from Basker and Manta structures since January 2007 and the Joint Venture have decided to suspend this field because the development system of the small FPSO Crystal Ocean and the shuttle tanker Basker Spirit would not be economical any more due to the natural decline of oil production rate. The production has been suspended since August 2010. Cumulative oil production is approximately 8.6 million barrels.
Currently Joint Venture are going to suspend existing wells in safe condition until next development or Phase 2 would be commercialised in near future. Joint Venture anticipates to recover gas resources from the fields including discovered Gummy field as well as remaining oil through next development.
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| Equity Holders:
|
| Roc Oil (Vic) Pty Ltd.(Operator) |
30.0% |
| Beach Energy Ltd. |
30.0% |
| CIECO Exploration and Production (Australia) Pty Ltd. |
20.0% |
| Sojitz Energy Australia Pty Ltd. |
10.0% |
| Pertamina Hulu Energi Australia Pty Ltd. |
10.0% |
