Eni Australia Plugs Galahad-1 Well

Octanex N.L.  has been advised by Eni Australia Limited, the Operator of the Galahad-1 well located in the outer Exmouth Plateau permit, WA-363-P, that plug and abandonment operations have been completed and the drillship is scheduled to move off location today.

Since the last progress report of 16 May 2011, when the well was at its total depth of 3448m MDRT (measured depth below rotary table), a suite of wireline logs have been run and plug and abandonment operations carried out.

The Galahad-1 well was drilled by the Saipem 10000 drillship and is the second of a two well programme. The first well in the programme, Gawain-1, was drilled in the adjacent WA-362-P permit. 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 both wells. This 20% interest will also be free carried through the next well in each of the WA-362-P and WA-363-P permits, should a  further well be drilled in either or both of the permits.

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, May 27, 2011;