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