Strike Updates Unconventional Position at Southern Cooper

Strike announced an update on its Southern Cooper unconventional petroleum position in South Australia.

In addition to Strike's recently announced move into the unconventional Eagle Ford shale play in the US, the Southern Cooper position in South Australia demonstrates Strike's high level of exposure to the developing unconventional opportunity space.

Strike holds substantial working interests in PEL 94 (STX: 35%), PEL 95 (STX: 50%) and PEL 96 (STX: 66.67%) which cover an area of 8,400 square kilometers, or two million acres. These permits contain the Permian coal measure and shale sequences that are being evaluated for unconventional gas and liquids hydrocarbons to the north by Beach Energy and more recently by Senex.

In Strike's permits the prospective sequences are predominately less than 2,500 meters in depth and in the early stage thermal maturity window for both gas and oil.

Forward exploration programs in PEL's 94, 95 and 96 are currently being planned with the possibility of drilling in all permits commencing later in 2011 or early 2012. The potential exists for a combined drilling program in the region to take advantage of operating efficiencies. Strike is the operator of PEL 96 and Beach Energy is the operator of PEL's 94 and 95.

Senex Energy announced last week the spudding of its Vintage Crop 1 well, in PEL 516. The well is located 2.5 kilometers east of the PEL 95 permit boundary. Senex Energy intends deepening the well below the Cretaceous and Jurassic Eromanga sequences to evaluate the unconventional gas potential of underlying coals and shales. The well is interpreted to penetrate a similar geological sequence to that which exists in PEL 95. Information from the well will add substantially to the understanding of the unconventional and conventional potential in the region.


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