Oilex Ltd Canning Basin SPA 17 AO (4727Z)
December 11 2014 - 2:00AM
UK Regulatory
TIDMOEX
RNS Number : 4727Z
Oilex Ltd
11 December 2014
11 December 2014
Canning Basin SPA 17 AO
Conversion to Exploration Permit Application
-- Exploration permit application has been accepted
-- Retained area encompasses entire Wallal Graben extension
-- Firm work program consists of infill airborne gravity/magnetic survey
Oilex Ltd (ASX: OEX, AIM: OEX) is pleased to announce that its
application to convert the Special Prospecting Authority (SPA 17
AO) to Exploration Permit Application (STP-EPA-0131) has been
approved by the WA Department of Mines and Petroleum (DMP).
The committed work program for SPA 17 AO was fulfilled by the
acquisition, processing and interpretation of a 4,060 line km
gravity gradiometry/magnetic survey (Survey). Under the terms of
the SPA, Oilex had exclusive rights to negotiate a formal
exploration permit with the Government of Western Australia. The
terms of the SPA state that the area retained as an exploration
permit from within the SPA is limited to 30-50% of the total
area.
The final report for SPA 17 AO incorporating the newly acquired
Survey data with 2D seismic, regional gravity, magnetic, surface
geological and well data, confirmed Oilex's structural model of the
Wallal Graben and its extension into SPA 17 AO.
The firm committed work program negotiated for the exploration
permit comprises an airborne gravity/magnetic survey designed to
"infill" the recently acquired Survey. This will facilitate a much
higher resolution image and interpretation of the Wallal Graben
extension. The retained area (5443 km(2) ) to be converted to
STP-EPA-0131 encompasses the entire Wallal Graben extension and
represents 48% of the original SPA area (Figure 1).
The graben is present in Oilex's three, 100%-owned, exploration
areas encompassing approximately 11,900 km(2) (3 million acres).
The acreage is in a unique position in the Canning Basin as it is
adjacent to many world class mining projects in the Pilbara region.
This activity has led to the development of a significant amount of
infrastructure in the area with the Great Northern Highway,
numerous sealed roads, good quality graded roads and multiple
airstrips being present within the Oilex acreage. The Telfer Gas
pipeline traverses STP-EPA-0131 and any future pipelines from the
Canning Basin to the main export terminals at Port Hedland and
Karratha would have to pass through the acreage (Figure 2).
As previously announced, farm-out activities are in progress and
the new data and commitment program has been incorporated into the
discussions with prospective farminees. Negotiations with the
Traditional Owners on Native Title Agreement(s) applicable for all
areas are nearing completion. The regulatory process of conversion
to a formal exploration permit have commenced with the DMP.
Managing Director of Oilex, Ron Miller, said;
"We are pleased that another significant milestone has been
completed for our Canning Project. This Project is highly
prospective, offers long term growth potential and is strategically
located close to infrastructure and Western Australia's global
resource centre. The prospectivity continues to be upgraded and the
level of interest shown by potential farminees is increasing with
it."
Figure 1: Interpretation of the Wallal Graben extent overlain on
the magnetic depth to basement horizon (meters relative to sea
level).
Figure 2: Significant infrastructure within and adjacent to
Oilex's Wallal Graben permits - a unique situation in the Canning
Basin.
http://www.rns-pdf.londonstockexchange.com/rns/4727Z_-2014-12-11.pdf
For and on behalf of Oilex Ltd
Ron Miller
Managing Director
For further information, please contact:
Oilex Ltd Strand Hanson Limited Tavistock Communications
Ron Miller, Managing Nominated Adviser and Ed Portman
Director AIM Broker Email: eportman@tavistock.co.uk
Email: oilex@oilex.com.au Rory Murphy/Ritchie Balmer Tel: +44 20 7920
Tel: +61 8 9485 Email: oilex@strandhanson.co.uk 3150
3200 Tel: +44 20 7409 3494 UK
Australia UK
This information is provided by RNS
The company news service from the London Stock Exchange
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