(MENAFN- ProactiveInvestors - Australia) Oil Basins (ASX: OBL) has secured Native Title approval for its application for petroleum exploration permit 5/07-8 EP in the Canning Basin, Western Australia.
The National Native Title Tribunal had issued its formal arbitration determination last Friday, allowing the grant of the permit under the Native Title Act.
Oil Basins said the Western Australia Minister for Mines and Petroleum may grant the permit to its joint applicant and itself subject to formal conditions outlined by the government and also subject to the Aboriginal Heritage Conditions it has proposed.
Permit 5/07-8 EP covers 5,062 square kilometres and remains largely under explored with just three deep exploration wells drilled to date in the permit or nearby.
Exploration will target the Poole and Upper Grant Formation sands for conventional oil and gas while the permit also holds the potential for both coal seam gas and shale gas.
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