Octanex NL announced on October 19 that Shell Development...

Octanex NL announced on October 19 that Shell Development (Australia) Pty Ltd has committed to drilling a well in WA-384-P expected to be in late 2011 after all regulatory approvals.

Octanex originally held 100% of the WA-384-P, WA-385-P and WA-394-P permits in the southern Exmouth sub-basin offshore Western Australia.

Under an agreement entered into in February 2008 Octanex has sold a 100% interest in each of the three permits for a total cash consideration of $US30 million, but retains ongoing commercial rights and a 1% overriding royalty...business spectator