The permits ware granted for two contiguous gazettal blocks, L12-08 and L12-09, which have footprint of around 6,444km² or 1,600,000 acres.
Currently, the company along with its adjacent Special Prospecting Authority SPA-0055 controls the complete Wallal Graben wells.
Following the move, Oilex’s acreage has increased to about 17,840km² in the area and the company is expected to hold similar geological characteristics to company’s Cambay field.
According to the US Energy Information Administration (EIA), the Canning basin holds the largest unconventional hydrocarbon potential in Australia.
Additionally, Oilex plans to acquire a single large survey to achieve cost efficiencies and technical understanding of the area’s potential.
