Oilex Provides Update on SPA 17 AO Acreage in WA's Canning Basin

Wallal Graben Rift System - Unconventional plays

The Wallal Graben appears to have significant unconventional play-types consistent with those identified elsewhere in the Canning Basin. Amongst these play-types Oilex has identified large areas of what is thought to be the prospective Bongabinni and Goldwyer Formations which are proven source rocks in the Canning Basin and are the target of significant exploration as unconventional reservoirs. The interpreted volume of source rock is substantial and the burial depth is such that it may be presently generative for oil and liquids rich gas.

Infrastructure

Oilex’s Wallal Graben acreage is in a unique position in the Canning Basin as it is close to many world class mining projects in the Pilbara area. This activity has led to the development of a significant amount of infrastructure in the area with the Great Northern Highway, numerous sealed roads, good quality graded roads and multiple airstrips being present within the Oilex acreage. The Telfer Gas pipeline traverses the SPA 17 AO acreage and any future pipelines from the Canning Basin to the main export terminals at Port Hedland and Karratha would have to pass through the acreage.

Managing Director of Oilex, Ron Miller, said;

“The Oilex team is highly excited that our work has identified a previously undiscovered halfgraben extension in Western Australia. Our early-mover strategy has resulted in Oilex having exclusive rights over approximately 4.4 million acres covering this potentially prospective area.

Onshore Australia is currently a global focus for high value farm-in deals and this significant increase of the prospective area coupled with the identification of leads from existing 2D seismic within our 100 percent-owned acreage substantially enhances the value of these assets. Oilex will continue to work closely and respectfully with the Traditional Owners and maintain a rigorous approach to exploration of this area to realize its full potential.”


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