Eni Abandons Gawain-1 Well 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 plug and abandonment operations are currently expected to be completed by Saturday, 23 April 2011.

Since the last progress report of 13 April 2011, when the well was at its total depth of 3,963m MDRT (measured depth below rotary table), a suite of wireline logs have been run and then plug and abandonment operations commenced.

The Gawain-1 well was drilled by the Saipem 10000 drillship and is the first well in a two well programme. Once the well has been plugged and abandoned, the drillship will move to the location of the Galahad-1 well to be drilled in WA-363-P.

The Octanex Group holds a 20% participating interest in the WA-362-P and WA-363-P permits and this interest has been free carried through the drilling of Gawain-1 and will also be free carried through the Galahad-1 well.

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%

[mappress]

Source:Octanex , April 20, 2011; Image:SHI