Following Strike's successful $16.8 million capital raising the Company is well positioned to accelerate our USA exploration program.
Activities are now underway on two of the Company's key projects. In the event of success, each has the potential to significantly increase the value of Strike's USA business.
WILCOX SLOPE, St Landry Canyon Project, onshore Louisiana
Strike has a 10% working interest in the St Landry Canyon Project, onshore Louisiana. The 37,000 acre project area contains a number of prospects and is onshore and on trend from McMoRan's Davy Jones discovery, which is estimated to contain up to 6.7 Tcfe of gas and liquids.
The first target to be tested is the West Plumb Bob Prospect which is estimated to have a resource potential of 360 Bcfe including 15 million barrels of condensate (P50 case) and up to 680 Bcfe (P10 case).
The AD Kennison #1 well on the West Plumb Bob Prospect spudded on August 31 and has a planned total depth of 18,100 feet (5,517 meters). Drilling is expected to take 100 to 120 days. Strike has already funded its share of the well's dry hole cost.
EAGLE FORD SHALE, Eagle Landing Joint Venture, Texas
Strike has a 27.5% working interest in Eagle Landing Joint Venture, which has been building a lease hold position within the Eagle Ford Shale trend in Texas. The Eagle Ford Shale has rapidly emerged as one of the USA's most sought after unconventional gas and liquids plays.
The Joint Venture has now increased its lease position to 22,764 acres (6,260 acres net to Strike). Recently reported production rates from Eagle Ford Shale wells adjacent to Strike's acreage have confirmed the extension of the Eagle Ford productive trend. The Joint Venture is planning to further evaluate the acreage through a drilling program over the next six months.
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