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.
From the outset, Norway planned to maximise the long term benefit it gained from its oil and gas, unlike Australian politicians who are content with crumbs from the table.
Concerns about potential oil leaks caused the safety regulator to bar workers from an area of the MODEC Venture 11 floating production facility off WA for over a week.
