Strike Energy Updates Marsden 1 Well Results

Strike Energy Limited has announced that preliminary results from the Marsden 1 well have demonstrated coal and shale thicknesses that match or better pre-drill expectations and exceed the values used in Strike's resource model.

Marsden 1 was drilled to test the unconventional hydrocarbon potential of the Battunga Trough in PEL 95 and penetrated over 800 metres of Permian sediments, including thick sections of the target Toolachee, REM and Patchawarra formations.

Elevated gas readings, including the presence of heavy hydrocarbons up to pentane (C5), were recorded across the target coal and shale formations. Cores and cuttings from Marsden 1 have been sent for detailed laboratory analysis.

Marsden 1 is now being cased and suspended for future testing and the Ensign 918 rig will move directly to the site of Strike's second unconventional evaluation well, Davenport 1, to test the Milpera Trough in PEL 94.

The Marsden 1 well log data appears consistent with recently announced offset well results in the region which indicate that the Southern Cooper Basin could host a major unconventional gas resource with liquids-rich gas potential.