Octanex Gets Extension for Two Oil, Gas Permits Offshore Australia

Octanex has been granted five year renewals for two oil and gas exploration permit in the outer Exmouth Plateau offshore Western Australia.

The committed work programs in the first three years of the renewed terms of both WA-386-P and WA-387-P call for the acquisition of new 2D seismic surveys, licencing of newly available seismic data and studies, Proactive Investors Australia reported citing a company statement. 

This is then followed by a new 3D seismic survey and an exploration well in the last two years of each permit’s term.

Octanex had previously acquired new 2D seismic and completed studies in conjunction with two other nearby and renewed permits and will focus its efforts on building on this existing work and seeking potential partners.

Both permits are close to giant gas fields such as the Io and Jansz fields that will serve as feedstock for Chevron Australia’s Gorgon LNG project, Thebe, Scarborough and Goodwyn.