14th Oct 2013 07:54
LONDON (Alliance News) - Oilex Ltd Monday said it had been awarded two new oil exploration permits for areas in the Canning Basin, Australia, giving it a bigger overall exploration area.
The new licenses are for the L12-08 and L12-09 areas.
"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," the company said in a statement.
"Oilex's 100%-owned acreage position now encompasses 17,840 square kilometres, or about 4.4 million acres, in an area that may have similar geological characteristics to Oilex's Cambay Field and possibly being prospective for oil and liquids-rich gas," it added.
The company has already started tendering for an airborne gravity and magnetic survey for SPA-0055, but said it may now buy a single large survey for the larger area to save money and get a fuller picture of the area's potential.
The company reiterated that it has had "numerous" approaches from international, Australian and private equity firms to buy into the project.
Oilex shares were up 5.9% at 3.15 pence on AIM early Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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