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Sapex Limited (ASX:SXP) Announce The Commencement of Seismic Survey at Boorthanna On South Australia's Arckaringa Basin
Perth, Apr 29, 2008 (ABN Newswire) - SAPEX Limited (ASX: SXP) advises that line clearing and surveying commenced on 24 April 2008 for the Boorthanna 2008 seismic survey - the most detailed oil and gas exploration activity in some 25 years on South Australia's Arckaringa Basin.
The survey is being carried out by the contractor, Terrex Seismic, and will total up to 484 line kilometres.
Approximately half of the total will be a detailed survey over several leads and prospects, with the remainder being a regional survey aimed at seeking the southern extension of the Boorthanna Trough.
Recording of data is expected to commence about 7 May. It is the intent to drill two petroleum exploration wells about the end of the current calendar year with the actual location of these wells to be selected from the results of this survey.
Reports on progress of the survey will be made in the coming weeks.
About Sapex Limited
SAPEX Limited ("SAPEX") was formed in 2000 as a private company. SAPEX was granted seven Petroleum Exploration Licenses (PEL's) the Department of Primary Industries and Resources of South Australia (PIRSA) covering some 65,000km2 - essentially the entire prospective area of the Arckaringa Basin in Central South Australia. Work programs have been agreed with PIRSA, and work has commenced with respect to operational programs for the PELs. SAPEX also has been granted PEL120, near Adelaide which has Coal Seam Gas (CSG) potential, but is very much a second order of priority target compared to the Arckaringa Basin.
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