The Apache-operated Coelacanth-1 well was plugged and abandoned early this year after it failed to encounter any material hydrocarbons.

Coelacanth-1 was drilled by the West Triton jack-up rig targeting the Top Latrobe horizons in Vic/P45.The company's 66.67% interest in the permit will be divided between Exoil and Moby Oil & Gas with effect from May 15.

Moby said the remaining partners have until May 15 to determine whether they will enter into a fourth permit year and drill the well, as required by the commitments for the secondary term of the permit, or relinquish the permit.

The company said the joint venture plans to ask the Designated Authority to vary the fourth-year permit commitment, adding it would have to source funds for drilling the well if the two companies chose to enter the fourth year.