Investors beware: after spending more than $40 million in the Canning Basin, the US-owned company's continued pursuit of remote gas appears to be throwing good money after bad.
Canadian firm Vermilion judged the chance of the December spill as "rare" - the same probability it claims for seven planned exploration wells that could affect anywhere along the Pilbara coast.
Oil production in WA comes from condensate produced with gas for LNG plants, dedicated production vessels and until 2025, onshore wells on Barrow Island.
The burden on taxpayers from the failed Northern Endeavour vessel continues to grow - $10M in one month - while the Government decides what to do next.
The Northern Endeavor mess started with Woodside paying to rid itself of a rusty ageing asset, ended with a $362 million liability for the Government and in between was a regulatory shambles.
An eight year wait for ENI's Woollybutt oil field to be decommissioned and poor maintenance have caused subsea kit to surface and pose a danger to vessels.
North Sea expert recommends changes to stop a repeat of Woodside escaping a $360 million cleanup bill by paying a tiny inexperienced company to take an old rusty asset.
While the idle Northern Endeavour costs $4 million a month, Government and industry are still talking about how to keep the clean-up bill below a possible $230 million.
It will cost $76 billion to clean up after Australia's oil and gas industry, with a good chunk to be borne by taxpayers, and no one is in a hurry to start the work.
A debt of $165 million and unpaid employees can be added to a massive decommissioning liability as the cost of Northern Endeavour's short life after Woodside.
A rig has arrived off the North West to drill the first of two wells for Quadrant Energy which potential investors will monitor closely in coming months.
