Eni Moves Saipem 10000 Drillship Back to 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 at 09:00 hours WST (Western Standard Time) on Wednesday, 23 February 2011, the Saipem 10000 drillship was returning to the well location after moving away due to the proximity of Tropical Cyclone Carlos.

Since the last progress report of 14 February 2011:

• the 24″ hole section has been drilled;

• the 20″ conductor run and cemented in place; and

• the 87a” pilot hole drilled to 2,540m MDRT (measured depth below rotary table). Several days were lost as a result of having to wait on weather.

Planned operations over the next week are to open up the 87/ pilot hole to a 177a” hole to the current 2.540m MDRT depth and then run and cement in the 133/a” intermediate casing prior to the Marine Riser and Blow-out-Preventer (BOP) being installed and pressure tested.

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 in WA-363-P.

The next ASX release is planned for Wednesday. 2 March.

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, February  24, 2011;Image: Laohamutuk