Oilex Ltd has received the final interpretation report for the 4,060 line km gravity gradiometry/magnetic survey (Survey) data conducted over SPA 17 AO (formerly STP-SPA-0055). 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%-owned, exploration areas encompassing approximately 17,900 km2 (~4.4 million acres).