Exmouth Plateau Exploration

exmouth-plateau-permits-location-map-current-july-2015

WA-362-P and WA-363-P

33.33% Interest, Operated by Eni

The Exmouth Plateau is the largely unexplored deepwater frontier of the Carnarvon Basin, Australia largest petroleum basin, which includes the giant gas resources of the North West Shelf (Goodwyn), the Greater Gorgon region and Io/Janz.

The WA-362-P and WA-363-P permits are located on the northern margin of the Exmouth Plateau, 300 400 km northwest of the Western Australian coastline and comprise a combined exploration area of approximately 10,956 km². The work program in both permits calls for seabed coring and studies to be followed by a new 3D seismic survey and an exploration well in the last two years of each permit term.

The Operator exploration focus in these permits has moved from focussing on a pure gas play in the Upper Mungaroo to an early Middle Triassic oil play within the deeper Mungaroo.

Octanex is fully carried by Eni though all exploration activity, including the next well in each permit, should a well be drilled in either or both of the permits.

Together with the WA-387-P permits, these three permits are located on the northern margin of the Exmouth Plateau area of the Carnarvon Basin, 300 to 400 km from the Western Australian coastline.

 

WA-387-P

Octanex holds a 100% interest in WA-387-P. The permit is considered to be prospective for gas within fluvial and deltaic sandstones of the Triassic Mungaroo Formation.  This play is the main reservoir in the Wheatstone and Pluto gas fields located 35km and 45km due south of the permit respectively.  The Mungaroo Formation is also the reservoir for the giant Goodwyn gas field located 65km to the east of the permit.  A secondary play is the Late Jurassic, Oxfordian Jansz Sandstone, which is the reservoir for the giant Jansz/Io gas discovery located 35km southwest of the permit.

The current work program calls for the acquisition of 2D seismic surveys and studies. Octanex is seeking participation of other exploration and speculative seismic companies to join with it in this work.

 

PURSUING NEAR TERM PRODUCTION EXPANDED STRATEGY