The Sydney-based company said in statement to the exchange that initial interpretation of the data from the high resolution 2D survey in WA-317P, WA-318P and WA-319P revealed several major direct hydrocarbon indicator (DHI) seismic anomalies.

"Drillsearch regards these results as being material," the company said. "The forward program for the permits is expected to involve acquisition of additional 2D seismic data to further define and image the anomalies located so far."

Drillsearch added discussions on a potential farm-out of these permits in which the company is 100% owner and operator are continuing with a number of groups.