Oilex Expands in Canning Basin
This area covers 6,444 km2 in the onshore Canning Basin. Combined with the adjacent, 100%-owned Special Prospecting Authority SPA-0055, Oilex now controls acreage encompassing the entire Wallal Graben, a deep undrilled half graben in one of Australia’s premier emerging onshore unconventional basins, it said in a statement.
According to the US Energy Information Administration (EIA), the Canning Basin has the largest unconventional hydrocarbon potential in Australia.
The company has commenced planning and competitive tendering for an airborne gravity and magnetic survey for SPA-0055.
The airborne gravity and magnetic data acquisition, processing and interpretation will fulfil two key contractual objectives for the areas;
- Under the terms of the Special Prospecting Authority, Oilex will have an exclusive option to negotiate the conversion of a portion of SPA-0055 into a Petroleum Exploration Permit should the gravity and magnetic data support the existence of a previously overlooked play fairway in this area.
- Partial fulfilment of the minimum work requirements for L12-08 and L12-09.