Australia: Eni Moves Saipem 10000 Drillship Away from Gawain Well Due to Cyclone Threat

Octanex N.L. (ASX Code; OXX) 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 Tme) on Monday, 4 April 2011, the drillship had sailed away from the well location.

Late last week the Operator activated its Cyclone Management Plan and on Sunday, 3 April the drillship moved off location to a safe area in the event that a developing tropical low affects the area of the Gawain-1 well.

Since the last progress report of 28 March 2011, when the well was reported as at a depth of 3,653m MDRT (measured depth below rotary table) and waiting on weather, the well has drilled ahead in the 814* hote to 3,778m MDRT. At that point, and as the well was approaching the next target, the developing weather system determined that drilling be suspended and the well secured. Once the drillship can return to location, the well is programmed to drill the 814″ hole to the total depth of 4,025m MDRT. The next target for the well is a seismic amplitude anomaly within mapped closure at 3,832m MDRT. A positive outcome at the 3,832m 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 Austral a Pry Ltd 40%

Octanex Group 20%

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Source: OXX , April 5, 2011;