Rick Wilkinson
OGJ Correspondent
MELBOURNE, Aug. 2 -- Beach Petroleum Ltd. of Adelaide has exercised its preemptive right to acquire an additional 12.5% interest in Basker-Manta-Gummy (BMG) oil and gas field development off Victoria from Anzon Australia Ltd., Sydney.
Beach agreed to an initial payment of $30 million (Aus.) in August and a second payment of $9 million in January 2006. Beach exercised its right after a Japanese company made an offer for a stake in the Gippsland basin fields.
The stake takes Beach's interest in the BMG project to 37.5%. Beach has an option to acquire another 12.5% interest. Beach also holds 9.7% interest in Anzon, the operator (OGJ, July 25, 2005, Newsletter).
