Eni Spuds Gawain-1 Well Offshore Western Australia

February 14, 2011

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 Gawain-1 spudded at 03:00 hours WST (Western Standard Time) on Saturday, 12 February 2011.

The 36″ surface conductor has been run and cemented in place and current operations are drilling 24″ hole.

Planned operations over the next week are to complete the 24″ hole section and run the 20″ conductor, then drill an 81-4″ pilot hole. The pilot hole will be opened up to a 17/4″ hole to approximately 2,550m MDRT (measured depth below rotary table). At that depth the 13%” intermediate casing will be run and cemented in 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, 23 February.

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 14, 2011; Image: Laohamutuk