2nd Jun 2014 08:48
LONDON (Alliance News) - Oilex Ltd Monday confirmed the extension of the rift basin, known as the Wallal Graben site, into its acreage at the Canning Basin in Australia, following preliminary interpretation of data acquisition from an aerial gravity/magnetic survey at the site by CGG Aviation Pty Ltd.
The oil and gas development and production company said interpretation from the survey, which covered 11,400 kilometres squared and was completed in April, has shown that the Wallal Graben region extends into its SPA 17 AO acreage.
Oilex said that seismic interpretation has shown that the Wallal Graben formation appears to contain important elements of a working petroleum system, including source rocks, structure, thick sedimentary sections and sufficient depth of burial to generate hydrocarbons.
The company said the Graben region is now shown to be present in exploration areas over 17,900 square kilometres, which are held 100% by Oilex.
Oilex shares were up 1.6% to 6.50 pence on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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