Pertamina farms in Australia oil, gas block

Australian oil firm ROC Oil Company Limited said it has executed an agreement for the sale of a 10 percent interest in Production Licences VIC/L26, VIC/L27 and VIC/L28, which contain the Basker, Manta and Gummy (BMG) oil and gas fields in the Commonwealth waters of Bass Strait, Victoria, Australia to PT Pertamina Hulu Energi, a subsidiary of the state oil and gas company Pertamina for US$31.5 million, including working capital.

ROC through its wholly-owned subsidiary its unit Anzon Australia Pty Limited will retain a 30% participating interest and remain operator of the BMG project, it said on Wednesday.

The sale is subject to satisfaction of several condition precedents, it said

The effective date of the sale is 1 April 2009 and completion is expected in the third quarter of 2009.

On completion of the sale, BMG joint venture participant interests will be: Anzon Australia Pty Limited (Operator) 30%, Beach Petroleum Limited (30%), CIECO Exploration and Production (Australia) Pty Ltd (20%), Sojitz Energy Australia Pty Ltd (10%) and PT Pertamina Hulu Energi (10%)

According to ROC, BMG fields produced some 8,000 barrels per day of oil in the first quarter of 2009. (denny)