Strike Energy Raises Cooper Basin Gas Resources

Strike Energy has raised its resource estimate by 136 per cent for the Southern Flank of the Cooper Basin to 14.3 Tcf of gas.

The company’s most likely (PMean) prospective resource estimate is 14.3 Tcf of gas and 54 million bbls of liquids within the Permian coals and shales across PEL’s 94, 95 and 96.

This is a significant upgrade to Strike’s initial estimate following the recent results of the Davenport 1 and Marsden 1 wells in PEL 94 and PEL 95 respectively.  Information from these wells  has  been  used to calibrate existing seismic data and remap the Permian  coals across  Strike’s key permits, which together with gas preliminary content data obtained from the cores recovered, has resulted in this substantial upgrade.

The compnay is planning to undertake drilling operations in its PEL 96 in the 2013 calendar year. In parallel Beach Energy, the operator of PEL’s 94 and 95 is considering a program to frac and flow test the coals encountered at Davenport 1 ST1 which may be undertaken in 2013.