basker-2 results

From a Euroz report that I received today:

The wireline logs indicate that, as expected, good quality oil reservoirs were intersected 20m updip from Basker-1 and the net reservoir and oil content is in line with Basker-1.

Pressure sampling shows that the Basker reservoir is in communication with the basin aquifer which will supply pressure to support production. This has therefore mitigated an important pre-drill risk.

All this news reduces the risk of the overall project.

Clean up flows from zones 2, 3 and 4 will be performed simultaneously and completed for production. Then zones 5 and 6 will follow and separately completed for production. This is planned to occur in around 7 to 10 days.

Mid to late October is when the first production phase of 6,000 to 8,000 bopd will occur.

Euroz expects that as risk is reduced over the coming months, AZA's shareprice will outperform BPT's. Euroz state the full field development should be complete by June 2006 and producing better than 20,000 bopd.