Tuesday 16 Oct ...
Octanex (ASX: OXX) has confirmed that Shell has spudded the highly anticipated Palta-1 exploration well in the in the Exmouth Sub-Basin offshore Western Australia.
Palta-1 is being drilled by the Noble Clyde Boudreaux semi-submersible rig and is the final work program obligation for Year 6 of the initial exploration term for WA-384-P, which ends in August 2013.
The well is located in water depths of about 1,300 metres and will be drilled to a total depth of more than 5,000 metres.
Drilling is expected between 60 and 90 days.
Shell, which holds a 100% working interest in WA-384-P as well as the adjacent WA-385-P and WA-394-P permits, is reported to be paying between $60 million and $80 million to drill the well.
Octanex has a 1% royalty interest in all three permits as well as rights of re-conveyance.
Tuesday 16 Oct ...Octanex (ASX: OXX) has confirmed that Shell...
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