Following receipt of government and joint venture approvals and satisfaction of other conditions precedent, Anzon Australia Pty Limited, a wholly owned subsidiary of ROC, has completed the sale of a 10% participating interest in Production Licences VIC/L26, VIC/L27 and VIC/L28, offshore Victoria, which include the BMG project, to PT Pertamina Hulu Energi Australia Pty Limited, a subsidiary of the Indonesian National Oil Company. The effective date of the sale is 1 April 2009. Total cash consideration including working capital was US$31.5 million.
BMG joint venture participating interests are now:
Anzon Australia Pty Limited (Operator):30%
Beach Petroleum Limited: 30%
CIECO Exploration and Production (Australia) Pty Ltd: 20%
Sojitz Energy Australia Pty Ltd: 10%
PT Pertamina Hulu Energi Australia Pty Limited: 10%
For the purposes of the AIM Rules for Companies for the four month period to 31 December 2008, the interest being sold contributed to ROC a trading profit (excluding tax and impairment) of US$1.2 million.
