Oilex spots further gas potential off NW Australia

Oilex has completed interpretation of the Rose 3D seismic data in the WA-388-P permit off northwest Australia.

Offshore staff

SYDNEY, Australia -- Oilex has completed interpretation of the Rose 3D seismic data in the WA-388-P permit off northwest Australia.

The concession borders the waters of the North West Shelf Project and is on the same play fairway as the giant Pluto, Wheatstone, and Gorgon gas fields.

Oilex has identified seven leads ranging in size from a potential 0.3-2.8 tcf of gas. Seismic anomalies apparent in the 3D data are probable direct hydrocarbon indicators, suggesting gas is present by analogy with the nearby discoveries.

The company and its partners are now reviewing options to further define Placanica, the largest of the leads, with a view to drilling.

Any discoveries of 1 tcf or more could provide feedstock for the various LNG projects emerging in this region.

06/24/2010

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