May 1, 2013 - Woodside and Shell have entered into an agreement that sets out the principals that will apply if Browse is developed using Shell's floating liquid natural gas (FLNG) technology. The agreement provides a framework that would enable the Browse joint venture to progress FLNG as a development concept. The Browse partners will immediately begin to evaluate the agreement, the extent of work on alternative development concepts and the obligations under the Browse retention leases. Just a few weeks ago, Woodside and its partners elected to abandon their onshore LNG development concept due to extremely high development costs. Browse resources are estimated at 15.5 Tcf of natural gas.

Apr 25, 2013 - A second 3D seismic survey is underway at Octanex's 50%-owned permit PEP 52593 offshore New Zealand. The survey will scan an area of approximately 115 square miles and will fulfill the work requirements for the permit. Karoro is an attractive lead in the permit and has been mapped by 2D seismic as a potential anticlinal depth closure within the North Cape sand reservoir that was seen in the nearby Tane-1 and Hoki-1 wells. Fresh 3D data will aid in determining whether Karoro is a valid structural closure that can be elevated to drillable status. The joint venture of Octanex and New Zealand Oil & Gas has until March 31, 2014 to acquire, process, interpret and map the new data and build an inventory of leads and prospects.