Eni Australia Starts Pressure Testing Procedures at 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 at 07:00 hours WST (Western Standard Time) on Wednesday, 11 May 2011, the well was at a depth of 2380m MDRT (measured depth below rotary table) and conducting pressure testing of the marine riser and Blow-out- Preventer (BOP).

Since the last progress report of 4 May 2011, the riser and BOP have been installed, following a delay for adverse weather conditions, and the pressure testing procedures were commenced. Planned operations over the next week are to complete the pressure testing procedures prior to drilling  the 12 1/4 ” hole.

Mungaroo Formation is the target formation for the well, with mapped closure at the Top Mungaroo (predicted at approximately 2489m MDRT) and a series of intra Mungaroo fluvial channel sand targets that possess AVO anomalies. The intra Mungaroo targets range over the interval from approximately 2698m to 3344m MDRT.

The Galahad-1 well is being drilled by the Saipem 10000 drillship.

The participants in the WA-363-P Joint Venture are:

Eni Australia Limited 40%

OMV Australia Pty 40 %

Ltd Octanex Group 20 %

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Source: Octanex, May 11, 2011; Image:lauhtamuk