Strike Prepares to Drill Le Chiffre 1 Well in PEL 96 in South Australia

Strike Energy Limited (Strike) disclosed Tuesday that field operations at the Southern Cooper Basin Gas Project in South Australia have commenced. A drilling rig is on location at the Le Chiffre 1 well site preparing to spud pending receipt of final regulatory approvals.

This well marks the start of the next step in Strike’s program for the rapid commercialization of the large gas resource in PEL 96 and the adjacent permits. The attached Southern Cooper Basin Gas Project – Investor Update Presentation provides more details on the project and Strike’s commercialization strategy.

Le Chiffre 1 Details

The Le Chiffre 1 well is being drilled by the PEL 96 joint venture (Strike 66.7 percent and operator, Energy World Corporation 33.3 percent) and is located approximately 65 miles (105 kilometers) south-south west of Moomba and 2.4 miles (4 kilometers) east of the Moomba to Adelaide Pipeline (MAPS).

The well will be drilled to a proposed total depth (TD) of 6,630 feet (2,021 meters) and is expected to take approximately 21 days to complete. The drilling program includes extensive coring and formation evaluation of the Toolachee, REM and Patchawarra formations. Preliminary formation productivity testing may also be conducted via a wireline conveyed tool assembly before the well is cased and suspended pending completion and an extended production testing program in 2014.

This well will further define the thickness and continuity of the coals within the PEL 96 Phase One Area and provide critical gas content, saturation and hydrocarbon composition data.

Results from the appraisal program will underpin the decision to commence an extended pilot test program, ahead of a commitment to develop a commercial gas project.

Energy Drilling Australia’s Rig 3, a new build Schramm TXDE 200 has been contracted for the drilling operations.

Managing Director Quote

Managing Director, David Wrench, said:

“We are very pleased to now be commencing the next stage of our commercialization plan for the Company’s Southern Cooper Basin Gas Project. Early success from the work program to be completed this quarter has the potential to underpin an acceleration of pilot production testing at the project.”


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