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Canning Basin SPA 17 AO - Work Commitment Complete

Source: www.gulfoilandgas.com 9/5/2014, Location: Not categorized

Oilex Ltd has received the final interpretation report for the 4,060 line km gravity gradiometry/magnetic survey (Survey) data conducted over SPA 17 AO (formerly STP-SPA-0055). Under the terms of the SPA, Oilex 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 (DMP).

The report, compiled by CGG Aviation (Australia) Pty Ltd (CGG), incorporates the newly acquired Survey data with 2D seismic, regional gravity, magnetic, surface geological and well data. The final interpretation confirms Oilex’s structural model of the Wallal Graben, which is clearly imaged by 2D seismic data in Oilex’s held adjacent permits, extends into SPA 17 AO. The graben is present in Oilex’s three, 100%-owned, exploration areas encompassing approximately 17,900 km2 (~4.4 million acres).

As previously announced, farm-out activities are in progress and the new data will be incorporated into the discussions with prospective farminees. Negotiations with the Traditional Owners on Native Title Agreement(s) applicable for all areas are continuing and upon finalisation of the agreement(s), the regulatory process of conversion to a formal exploration permit will commence. Additional information is included in the Background Document attached hereto.

Managing Director of Oilex, Ron Miller, said;

“We are very pleased that the final interpretation of our recently acquired Survey has proved the exploration hypothesis, representing a material prospectivity upgrade of 100%-owned acreage position. Early discussions with potential farminees highlighted the value of derisking the acreage through the Survey and this should facilitate discussion with interested parties. 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.”

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