Strike advised that progress continues to be made at the Sadie-1 well at the onshore Homeplace prospect in the Gulf Coast, Texas, USA.
The Sadie-1 well is drilling ahead at a depth of 10,341 feet (3,153 meters) after setting of casing (9 5/8" liner) at 7,690 feet (2,344 meters). The well is scheduled to reach the proposed total depth of 12,500 feet (3,881 meters) within 2 to 3 weeks.
The Homeplace prospect in the Wilcox Formation has a prospective gas resource of 15-20 billion cubic feet (Bcf) of gas and has the potential to significantly increase the Company's growing gas and condensate reserves.
Sadie-1, where Strike holds a 40% working interest, is the first well in a six well drilling program targeting Wilcox Formation Plays of the type that lead to past gas/condensate discoveries at Rayburn, Mesquite and Louise.
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