Octanex N.L. (Octanex) is engaged in petroleum exploration and investment. The Company, along with its subsidiaries, holds working interests in 17 petroleum exploration permits and residual and royalty interests in a further three such permits, all situated in the offshore basins of Australia and New Zealand. The Company also holds a 100% working interest in a permit in the offshore Taranaki Basin of New Zealand. The Carnarvon Basin Interests consists of WA-323-P & WA-330-P- Dampier Sub-Basin; WA-362-P & WA-363-P - Exmouth Plateau; WA-386-P & WA-387-P - Exmouth Plateau, and WA-384-P, WA-385-P & WA-394-P -Southern Exmouth Sub-Basin. During the fiscal year ended June 30, 2012, Octanex held interests in six petroleum exploration permits in the offshore Southern Bonaparte Basin, which includes WA-407-P, WA-420-P, WA-421-P, WA-422-P, WA-440-P and WA-441-P.