Oilex (ASX:OEX, LON:OEX) told investors it has upgraded its permit for its exploration venture in Australia’s Canning basin.
The group’s ‘special prospecting authority’ (SPA) has now been changed to an ‘exploration permit application’ (EPA), and the regulatory process to secure a formal exploration permit is now underway.
It comes after Oilex completed work commitments of the SPA, namely a surveying programme, and under the terms of Australia’s exploration regulations it now retains 48% of the original footprint (the maximum allowed if 50%).
The new exploration area spans 5,443 square kilometres, adjacent to a number of ‘world class’ mining projects and in an area with significant infrastructure already in place.
Having upgraded to an EPA, Oilex is now committed to further airborne surveying.
"We are pleased that another significant milestone has been completed for our Canning Project,” said managing director Ron Miller.
“This Project is highly prospective, offers long term growth potential and is strategically located close to infrastructure and Western Australia's global resource centre.
“The prospectivity continues to be upgraded and the level of interest shown by potential farminees is increasing with it."
