Strange thing is, is no one appears interested. It's a huge prospect the current and next drill!!
To better identify the location for this first commitment well, OMV and Eni acquired (entirely at their cost) a new 3,955 km? 3D seismic survey during the quarter ending 30 June 2010. That survey, known as the Schiele 3D Marine Seismic Survey (?Schiele MSS?), was acquired across WA-362-P and WA-363-P and the area of the survey is outlined in the following Area of Schiele 3D Seismic Survey map. During the quarter, the Company announced that OMV and Eni had indicated to Octanex their intention to drill two wells; one in each of WA-362-P and WA-363-P and with the second well intended to be drilled immediately following the first well. The well names and locations were then announced on 17 December; with Gawain-1 to be drilled in WA-362-P and Galahad-1 in WA-363-P ? refer to the following Well Location Map. Both of the wells will target Triassic Mungaroo Formation channel sands, within a horst structure. The Gawain-1 well target is within a horst on the Gigantor structure and the Galahad-1 well target is within a horst on the Ghidorah structure. They will be drilled by the Saipem 10000 drillship and the expectation is for drilling operations to commence in early February 2011.
Exploration is an inherently risky undertaking, but the figures in the following table suggest there is considerable scope for substantial reward, if the planned exploration activities are successful. Prospective Gas Resources (Bcf) Prospect: Gigantor Low Estimate Best Estimate Mean estimate 1024 4506 6865 High Estimate Risk Category 17488 High to Moderate
Ghidorah 919 2902 3629 High Estimate Risk Category 8138 High
OXX Price at posting:
50.5¢ Sentiment: LT Buy Disclosure: Held
