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Oilex Awarded Canning Basin Permit

Source: www.gulfoilandgas.com 4/19/2013, Location: Not categorized

Oilex Ltd is pleased to announce that it has accepted an offer for Special Prospecting Authority (SPA)-0055 which covers acreage in the onshore Canning Basin of Western Australia. SPA-0055 encompasses a large area of approximately 11,400 square kilometres which may have similar geological characteristics to Oilex's Cambay Field in India, and may be prospective for oil and liquids-rich gas.

Under the terms of the offer, Oilex will have an exclusive Acreage Option (AO) to negotiate the conversion of a portion (30% to 50% of the total area) of SPA-0055 into a Petroleum Exploration Permit should the initial reconnaissance work programme support the existence of a previously overlooked half graben in this area.

Oilex is planning to conduct a six-month, low-level work programme from Q3 2013 to assess the SPA's prospectivity for hydrocarbons. This programme includes gravity/magnetic data acquisition and interpretation and is planned to commence at the conclusion of the expedited Native Title Notification Period of four months (which has now commenced). Upon completion of the work programme, Oilex then has a further six months to negotiate the forward work programme for the Petroleum Exploration Permit derived from the SPA.

In addition to accepting the offer of SPA-0055, Oilex has recently submitted bids on gazettal blocks L12-08 and L12-09, covering 6,444km2 (~1,600,000 acres) immediately adjacent to the awarded SPA area. The additional acreage is interpreted to contain an extension of the play to the north of SPA-0055, potentially capturing an entire newly-defined play fairway.

Acting Managing Director Ron Miller said, "Our entry into the Canning Basin with SPA-0055 represents a low-cost, low-risk opportunity for Oilex to secure long-term growth optionality and geographical diversity in a second petroleum basin, without diluting its immediate focus on value delivery from the Cambay Field in India.

"This complements Oilex's strategy of supplying energy to the rapidly-growing Indian economy from our India tight hydrocarbon resource base with the possibility of participating in energy exports from Australia.

"Oilex is uniquely positioned to capitalise on the Indian energy market opportunity with significant unconventional experience and extensive commercial relationships developed through our existing Indian operation."

According to the US Energy Information Administration (EIA), the Canning Basin has the largest unconventional hydrocarbon potential in Australia. There has been significant recent farm-in activity related to potential unconventional resources in onshore Australia involving global industry majors.

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