Oilex Ltd is pleased to announce confirmation of the postulated extension of the rift basin, known as the Wallal Graben, into Oilex’s SPA 17 AO acreage. This confirmation is an outcome of interpreting the recently acquired gravity gradiometry/magnetic survey (Survey) data. CGG Aviation (Australia) Pty Ltd (CGG) has provided a preliminary interpretation of the aerial Survey data within SPA 17 AO (formerly STP-SPA-0055) covering approximately 11,400 km2 (~2.8 million acres).
The interpretation integrates regional gravity, magnetic, 2D seismic, regional surface geological and well data in adjacent areas with the newly acquired Survey data. Preliminary interpretation confirms Oilex’s structural model that the Wallal Graben, which is clearly imaged by 2D seismic data in Oilex’s adjacent permits, extends into SPA 17 AO. The Wallal Graben appears to contain the important elements of a working petroleum system including source rocks, structure, thick sedimentary section and sufficient depth of burial to generate hydrocarbons. The graben is now shown to be present in exploration areas encompassing approximately 17,900 km2 (~4.4 million acres) held 100% by Oilex.