Strike Energy Increases Prospective Resource at PEL 96 in Cooper Basin

Strike Energy has announced an increase in prospective resource in PEL 96 in the Cooper Basin to 6.8 Tcf, with 4.5 Tcf net to Strike.

“This increase in the company’s PEL 96 prospective resource estimate follows the successful drilling of the Le Chiffre 1 and Klebb 1 wells. Data from these wells has been used  to  remap  the Permian coals across the permit area, which together with gas content and isotherm data obtained from samples of the recovered cores, has resulted in this substantial increase,” the company said.

According to Strike, PEL 96 is a significant component of the company’s Southern Cooper Basin Gas Project and Strike is focused on the rapid commercialisation of a portion of the resource within the Phase One Area of the permit. This area is centered directly under the Moomba to Adelaide Gas Pipeline (MAPS) which connects the resource to the Eastern Australian gas markets.

Meanwhile, an independent review of production well drilling and completion costs based on actual results achieved during the recent drilling program has been completed which, together with firm third party tender quotes for the upcoming production testing program, has confirmed completed vertical production well costs of between $3.2 and $3.6 million per well are achievable, the company said.

These costs are below Strike’s internal estimates and are substantially below drilling and completion costs for deeper Cooper Basin unconventional gas resource plays, the company added.

Strike has 66.67% stake in the operator and Energy World Corporation has 33.33% share. 

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