Petrex has amassed a significant acreage position in the Officer Basin in both Western Australia and South Australia. The acreage has been geographically categorised as the North West Project, Central Project, South East Project and North East Project.
Petrex was granted seven Special Prospecting Authorities with Acreage Option (SPA / AO) located within the Western Australian portion of the Officer Basin.The SPA / AOs covered approximately 153,000 square kilometers and established Petrex as one of the largest petroleum acreage holders in Western Australia.
The seven SPA / AOs have now been exercised with 14 Petroleum Exploration Permit (PEP) applications accepted by the DMIRS. These PEP applications cover over 70,000 square kilometers of prospective Officer Basin acreage and thirty seven leads have been identified and prioritised. Two of the applications have been awarded by the Department of Mines, Industry Regulation and Safety which now comprise EP500 and EP502.
Native Title access agreements are currently being negotiated across the Western Australian portfolio. Access agreements and associated state deed have been executed with one Native Title group. The related permit is expected to be granted early 2021 thereby enabling on-ground exploration to begin.
Petrex also has two new special prospecting authorities (with acreage option) located within the North West Project which covers a new highly prospective lead type discovered whilst working up leads for the North West Project.
Petrex has eight petroleum exploration licence applications (PELA’s) in the South Australian portion of the Officer Basin split across the South East and North East Projects. These applications cover approximately 74,000 square kilometers. Petrex is in the process of negotiating land access and petroleum exploration and production agreements with Native Title owners to enable the applications to proceed to grant.