5th Sep 2014 08:04
LONDON (Alliance News) - Oilex Ltd said Friday that the final interpretation report for its recently acquired survey data would help facilitate discussions with potential farm-in parties for the Canning Basin SPA 17 AO area in Western Australia.
Oilex said that early discussions with potential farm-in parties had highlighted the value of de-risking the acreage through a gravity gradiometry/magnetic survey.
The report was compiled by CGG Aviation (Australia) Pty Ltd, and it confirmed Oilex's structural model of the Wallal Graben prospect, which is clearly imaged by 2D seismic data in Oilex's adjacent permits, extends into the SPA 17 AO area.
Oilex said it has exclusive rights to negotiate a formal exploration permit with the government of Western Australia, as its work commitment has been completed by the submission of the final report and other documentation to the Department of Minerals and Petroleum.
"We look forward to increasing the momentum of our exploration programme through a successful farm-out while continuing to work closely and respectfully with the Traditional Owners," said Managing Director Ron Miller in a statement, referring to Aboriginal Australians.
Shares in Oilex were trading down 3.3% at 8.70 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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