Oilex awarded two petroleum exploration permits

Two applications for contiguous gazettal blocks L12-08 and L12-09 by Oilex’s wholly owned subsidiary, Admiral Oil NL, have been approved by the Government of Western Australia Department of Mines and Petroleum. This area covers 6,444km2 in the onshore Canning Basin, Western Australia. Combined with the adjacent, 100%-owned Special Prospecting Authority SPA-0055, Oilex now controls acreage encompassing the entire Wallal Graben, a deep undrilled half graben in one of Australia’s premier emerging onshore unconventional basins.

Oilex’s 100%-owned acreage position now encompasses 17,840km2 in an area that may have similar geological characteristics to Oilex’s Cambay Field and possibly being prospective for oil and liquids-rich gas.

Planning and competitive tendering for an airborne gravity and magnetic survey for SPA-0055 has commenced. Due to the contiguous nature of the three permits, Oilex may consider the opportunity to acquire a single large survey to potentially realise cost efficiencies and expedite a technical understanding of the area’s potential.
Managing Director Ron Miller said, “Oilex is pleased with the successful application for two prospective permits adjacent to SPA-0055. This has placed Oilex in an extremely strong position and enables full control of a deep, undrilled half graben and its identified prospective play fairways.”
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