Strike Energy Limited announced that it has completed its transaction with Warrego Energy Pty Ltd (Warrego) to acquire a 50% interest and operatorship of Exploration Permit EP469 in the North Perth Basin. Strike and Warrego will now form a joint venture for the further exploration and appraisal of the permit. Details of the transaction were announced to ASX on 28 March 2018.
EP 469 – Technical Update and Prospective Resource Estimate
Significant technical work completed by Igesi Consulting and Strike on the West Erregulla 3D and the publicly available adjacent Waitsia 3D seismic campaigns, including the various well logs, has yielded a very exciting, high confidence target which is:
- closely analogous to Waitsia; and
- has a high geological POS;
- is of a standalone development size across all outcomes;
- has multiple Direct Hydrocarbon Indicators;
- is structurally conformable with amplitude and AVO support; and
- is adjacent to existing gas infrastructure including two major pipelines;
The estimated quantities of petroleum that may potentially be recovered by the application of a future development project(s) relate to undiscovered accumulations. These estimates are unrisked and have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially moveable hydrocarbons. The EP 469 Joint Venture intends to drill West Erregulla-2 in late Q1 2019 with the objective of validating the prospective resource.
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