Shell Plugs and Abandons Palta-1 Well (Australia)

Octanex N.L. has been advised by Shell Development (Australia) Pty Ltd that the Palta-1 exploration well, operated by Shell and situated within the WA-384-P permit, has reached total depth and logging results confirm that it did not encounter commercial hydrocarbons.

The well is currently being plugged and abandoned.

Shell has confirmed that well operations have been conducted without any reportable safety or environmental incident.

Octanex holds residual rights in each of the WA-384-P and WA-385-P permits held by Shell.

Those rights are in the form of discovery payments and a 1 % royalty over any production from the permits, as well as rights of re-conveyance of the permits.

The permits are located in the southern Exmouth Sub-basin.

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Press Release, August 1, 2013