31st Mar 2014 13:48
LONDON (Alliance News) - Oilex Ltd Monday said that CGG Aviation (Australia) Pty Ltd has started data acquisition for the aerial gravity/magnetic survey covering the SPA 17 AO area at Canning Basin in Australia.
In a statement, Oilex said the survey will consist of about 4,060 line-kilometres of data. The acquisition is now estimated to take less than the originally anticipated 10 days to complete based upon progress over the past two days, although the schedule remains subject to weather and flying conditions, it said.
The primary survey objective is to determine the extent to which the Wallal Graben as identified in adjacent acreage is also present in SPA 17 AO.
"Subsequent to achieving the primary objective of the Survey, Oilex has exclusive rights to negotiate a formal exploration permit with the Government of Western Australia,'' Managing Director Ron Miller said in a statement.
Oilex shares were up 2.7% at 3.98 pence Monday.
By Steve McGrath; [email protected]; @stevemcgrath1
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