Oilex Completes WA's SPA 17 AO Work Program, Applies for Exploration Permit

Oilex Ltd. disclosed Friday that it has received the final interpretation report for the 2,522 line miles (4,060 line kilometers) gravity gradiometry/magnetic survey (Survey) data conducted over SPA 17 AO (formerly STP-SPA-0055) in Western Australia. 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 percent-owned, exploration areas encompassing approximately 4.4 million acres (~17,900 square kilometers).

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 finalization 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 percent-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 program through a
successful farm-out while continuing to work closely and respectfully with the Traditional Owners.”


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