Octanex follows Eni in withdrawing from Exmouth Plateau

Octanex Ltd., Melbourne, has decided to withdraw from Exmouth Plateau permits WA-362-P and WA-363-P following the earlier withdrawal of operator Eni SPA from the permits and the joint operating agreements.

Octanex Ltd., Melbourne, has decided to withdraw from Exmouth Plateau permits WA-362-P and WA-363-P following the earlier withdrawal of operator Eni SPA from the permits and the joint operating agreements.

The two blocks are on the northern margin of the plateau some 300-400 km northwest of the Western Australian coastline.

They contain the Gawain-1 and Galahad-1 wells drilled in 2011.

The permits are in the third year of the first renewed exploration period with all work commitments to this time fulfilled.

Octanex said the work program for the fourth and fifth years require a new 1,000-sq-km 3D seismic survey and an exploration well in each permit. With Eni advising of its withdrawal, Octanex said it would no longer have been carried through all the coming exploration activity.

Accordingly, the company reviewed its position and its capacity to fund the program’s fourth year, including the likelihood of finding another farminee within the required time period.

Following this review, Octanex has decided to withdraw completely and has provided Eni with its consent to surrender the permits.

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