Strike Raises Fund for Southern Cooper Basin Gas Project

The Company is on track to start site preparation work in the current quarter, with drilling operations schedule to commence in November 2013.

These initial wells have been designed to be cased and suspended for subsequent completion and extended production testing during the pilot production phase which is planned to commence in April 2014.

In July 2013, the Company signed a binding term sheet with Orica for the supply of up to 150 petajoules of gas. To secure its gas off take Orica can elect to make up to $47.1 million (AUD 52.5 million) as partial prepayments.

The Company is also in discussions with other gas users regarding additional gas supply from PEL 96.


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