Eni Restarts Drilling at Gawain-1 Prospect Offshore Australia

Octanex N.L.  has been advised by Eni Australia Limited, the Operator of the Gawain-1 well located in the outer Exmouth Plateau permit, WA-362-P, that at 06:00 hours WST (Western Standard Time) on Monday, 11 April 2011, the well was at a depth of 3,778m MDRT (measured depth below rotary table) and running in to drill ahead in the 8V£” hole towards to the programmed total depth of 4,025m MDRT.

Since the last progress report of 4 April 2011, at which time the drillship had sailed away from the well location due to a developing tropical low, the drillship has returned to the well location and completed the operations necessary to re-commence drilling.

The next target for the well is a seismic amplitude anomaly within mapped closure at 3,832m MDRT. A positive outcome at the 3T832m MDRT target may lead to deepening the well.

The Gawain-1 well is being drilled by the Saipem 10000 drillship and is the first well in a two well programme. It will be immediately followed by the Galahad-1 well to be drilled in WA-363-P.

The participants in the WA-362-P and WA-363-P Joint Ventures are:

Eni Australia Limited 40%

OMV Australia Pty Ltd 40%

Octanex Group 20%

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Source: Octanex, April 11, 2011;