Octanex Provides Update on Exmouth Plateau Permits (Australia)

Octanex Provides Update on Exmouth Plateau Permits (Australia)

Octanex N.L. provides an update on the activities relating to the two Exmouth Plateau permits, WA-386-P and WA-387-P, in which Octanex’s wholly- owned subsidiary, Exmouth Exploration Pty Ltd (Exmouth), holds participating interests.

As advised in Octanex’s 30 June 2012 Quarterly Report, OMV Australia Pty Ltd (OMV) and Eni Australia Limited (Eni) have given Exmouth notice of their intention to withdraw from both of the permits (and their respective Joint Ventures) at the expiry of their initial terms on 20 August 2012. Exmouth wil therefore hold a 100% participating interest in both of WA-386-P and WA-387-P after the OMV and Eni withdrawals have been formalised with the regulatory authority.

With the respective work programmes for the initial terms of these two permits having been completed, both permits are therefore in good standing.

Exmouth has now lodged applications with the regulatory authority to renew both of WA-386-P and WA-387-P for their first 5-year terms.

A requirement for the grant of a renewed term is that half of the current area of each permit will be relinquished on renewal.

The work completed during the initial terms of WA-386-P and WA-387-P included acquiring new 2D seismic data and completing studies in conjunction with two other adjoining permits (WA-362-P and WA-363-P) that Octanex has explored with Eni and OMV. Octanex will be looking to build on this work during any renewed terms that are granted and will seek the interest of other exploration companies to join in that work.

In relation to WA-362-P and WA-363-P, Octanex and Eni have accepted offers of renewal for both of these permits and the grant of these renewals will be announced once they are finalised by the regulatory authority.

Press Release, August 20, 2012

Share this article

Follow Subsea World News

Events>

<< May 2016 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

EEMUA subsea engineering course: materials selection and corrosion control

This two and a half day training course is recommended for both discipline and project focused engineers from a variety of backgrounds who want to gain an understanding of the fundamental principles for selecting and specifying materials of construction for subsea equipment, and for corrosion control during deployment, commission and operation. The course is based on the EEMUA User Guide to subsea materials selection and corrosion control, EEMUA Publication 194.

It is operated in association with the Society for Underwater Technology (SUT). Permanent employees of EEMUA and SUT member companies are entitled to a 20% discount off the standard course fee.

More info

read more >

Offshore Technology Conference (OTC)

The Offshore Technology Conference (OTC) is where energy professionals meet to exchange ideas and opinions to advance scientific and technical…

read more >

All-Energy 2016

All-Energy is held in Glasgow annually. In its 15th year, it has firmly established itself as the UK’s leading renewable energy exhibition…

read more >

Offshore Arabia Conference and Exhibition

The event brings together Industry Professionals from all over the world to discuss the strategic, operational and technological developments…

read more >