Extensive Seismic Survey Campaign Starts Offshore Australia

Octanex N.L. announced today the new 2D and 3D seismic surveys to be acquired within six of the Company’s eight Southern Bonaparte Basin permits have commenced.

The Company’s wholly-owned subsidiary, Goldsborough Energy Pty Ltd. holds a 100% participating interest in five of the permits (WA-407-P, WA-420-P, WA-421-P, WA-440-P and WA-441-P) where the surveys are to be acquired and a 60%  interest in the sixth permit. WA- 422-P – see the following Southern Bonaparte Basin Permit Location Map. The Company will earn the 60% participating interest in WA-422-P by funding 100% of the costs of the Rissa 3D survey to be acquired in that permit and by meeting the costs of reprocessing existing 2D seismic data over the permit.

In all there are three 2D surveys and three 3D surveys planned across the six permits. The sites of the polygons for the 3D surveys and grids of the 2D surveys are displayed in the Location Map.

The names and areas of the surveys to be acquired in the respective permits are as follows:

• WA-407-P – 325 km2 Ascalon 3D survey;

• WA-420-P – 400 km2 Tamar 2D survey;

• WA-421-P – 870 km Kingfisher 2D survey;

• WA-422-P – 295 km2 Rissa 3D survey;

• WA-440-P – 460 km Falcon 2D survey; and

• WA-441-P – 550 km Hawk 2D survey.

Seabird Exploration FZ LLC will carry out the surveys and the acquisition vessel is the “Voyager Explorer’.

The vessel is mobilising to the location area of the first survey, the Kingfisher 2D survey in WA-421-P. and data acquisition is due to commence on or about 9 November 2011. It is expected to take approximately 90 days to complete all of the surveys.

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Source: Octanex, November 9, 2011