Octanex N.L. has been advised by Eni Australia Limited (“Eni”) that at 07:00 hours WST (Western Standard Time) on Tuesday, 8 February 2011, the Saipem 10000 drillship had reached the Gawain-1 well location but is preparing to move away due to a worsening weather forecast.
A tropical low was forming off the Kimberley coast on Monday and Tuesday (7 and 8 February) and is expected to move in a west south-westerly direction, with the prospect of a moderate to high cyclone risk during the rest of the week in the vicinity of the well location. The Saipem 10000 drill ship is being moved into safe waters during this period.
Due to the uncertain behaviour of the tropical low and the potential for it to develop into a tropical cyclone, it is not yet known when the drillship will be able to return to the well location. The Company intends to confirm spudding of the well in cue course and then release weekly progress reports thereafter.
Eni is the Operator of the Gawain-1 well, which is located in the outer Exmouth Plateau permit, WA- 362-P.
Gawain-1 is the first well in a two well programme and it will be immediately followed by the Galahad-1 well in WA-363-P.
The participants in the WA-362-P and WA-363-P Joint Ventures are:
Eni Australia Limited 40%
OMV Australia Pty Ltd 40%
Octanex Group 20%
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Source:OCTANEX, February 7, 2011; Image:laohamutuk