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SAPEX Limited (ASX:SXP) Awarded Two New Mineral Exploration Licences in St Vincent Basin
Perth, May 15, 2008 (ABN Newswire) - SAPEX is pleased to advise that it has been awarded two new mineral Exploration Licences, (EL), in the St Vincent Basin, immediately north of Adelaide.
The licences are:
EL 4147 Inkerman area, approximately 70 km NNW of Adelaide; 288 sq km
EL 4148 Walloway area, approximately 90 km SE of Pt Augusta; 173 sq km
Both of these ELs lie within Petroleum Exploration Licence (PEL) 120 in which SAPEX holds a 100% interest. The ELs have been awarded for an initial term of one year but are renewable.
The purpose of both licences is to explore for Coal Seam Gas (CSG) and Underground Coal Gasification potential in the Tertiary age brown coal where internal studies have indicated the presence of coal at varying depths below the surface.
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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