Octanex began its oil and gas exploration activities in 1988. In 1994 it became the sponsoring shareholder of Timor Sea Petroleum NL (now MEO Limited), which held 100% interests in two large acreage positions, each with giant gas field potential in the Bonaparte Gulf/Timor Sea area. These areas now encompass the Evans Shoal/Heron and Blackwood gas accumulations.

In 2004 Octanex listed on the NSX, at that time holding 100% interests in WA-323-P and WA-330-P (the Winchester blocks). Subsequently, in 2009, Octanex listed on ASX, holding large gas prospective acreages in the Carnarvon basin, some of which are still held.

In 2009 Octanex established its foundation interest in the offshore Taranaki basin of New Zealand, building our position to four prospective contiguous blocks and an office in Wellington. In 2011 the Goldsborough Group with Bonaparte Basin exposure was acquired by merger.

Octanex also has an interest in the Cornea oil field development where it has drilled Cornea-3 proving the existence of significant volumes of oil in place, and is committed to bringing Cornea closer to production.

In 2012 Octanex commenced efforts to diversify its focus, both geographically and to include production and near-production assets. To facilitate its expansion into production assets in SE Asia, a technical and representative office was opened in Kuala Lumpur Malaysia in 2013. The Ophir Risk Service Contract, for the development of the Ophir oil field offshore Peninsular Malaysia, was awarded in 2014 with Octanex having a 50% interest.