Oilex (OEX) said on Friday it is to acquire an interest in 27 petroleum licenses in the Northern Oil and West Gas Fairway in the Cooper-Eromanga Basins, South Australia.
Oilex said it had been reviewing the Cooper-Eromanga basin for more than 2 years, which it said is widely recognised as a global super-basin.
The 604 thousand acre permits were acquired from Senex Energy Limited (ASX:SXY) who have a 15-year tenure agreement with the South Australian Government dating back to 2013.
Historic Data from the South Australian Department for Energy & Mining indicates that the acreage has a portfolio of shallow Jurassic oil and deeper Triassic and Permian oil and wet gas leads and prospects.
The company said that the acreage also included an undeveloped tight gas discovery, made in February 2013 intersecting 117 meters of net gas pay comprised of 47 meters of net pay in Permian tight sands and 70 meters of net gas pay in the deep coals in the Patchawarra Trough.
Managing Director, Joe Salomon, commented: "We are pleased to observe that all parties are implementing the recently announced settlement on a timely basis.”
“The settlement is an important step forward to recommencing an active work programme at Cambay as part of our broader strategic approach now also encompassing the Cooper Basin and UKCS."
The agreement to acquire Senex’s interest in the acreage is subject to approval of Oilex as the operator by the South Australian Government.
Oilex anticipates the acquisition will be finished by the end of 2019, and added that it still remains committed to unlocking its Cambay Project in India.
Follow News & Updates from Oilex here: