Oilex Sees Strong Interest to Farmin to SPA-0055 in Canning Basin
Oilex Ltd reported that following the receipt of the “Preferred Applicant” Letter for the Canning Basin SPA-0055 as announced to the ASX April 19, it has fielded a number of approaches from international and Australian energy companies as well as private equity firms, expressing interest to farmin to the Company’s Wallal Graben acreage in the Canning Basin of Western Australia.
Thus far a number of those interested parties have received comprehensive management presentations, have reviewed the project data room and undertaken detailed technical reviews of the resource potential. As a result of the early interest from several parties, Oilex is currently managing the farmout process internally in order to expedite the activity.
Also April 19, the Company announced it submitted bids on the gazettal blocks L12-08 and L12-09 adjacent to the awarded SPA-0055. The Company is awaiting a decision by the Department of Mines and Petroleum on these two gazettal blocks. If the Oilex bids are successful, the entire interpreted Wallal Graben play fairway will have been secured by the Company.
Commenting on the announcement, Oilex’s Managing Director, Ron Miller said: “We are encouraged by the early interest expressed by industry participants who have provided us with a further source of independent verification of the potential associated with both the unconventional and conventional plays within SPA-0055.
“We look forward to updating the market on progress with our potential farmout activities in due course.”
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