Southern Cooper Basin Gas Project a Step Nearer to Commercialization

Strike Energy Limited (Strike) disclosed Monday that leading international petroleum industry consulting firm DeGolyer and MacNaughton has independently certified contingent gas resources at the Southern Cooper Basin Gas Project in PEL 96 (Strike 66.7 percent and Operator, Energy World Corporation 33.3 percent) in South Australia.

Contingent Resource Estimate

DeGolyer and MacNaughton was engaged by Strike to undertake an Independent Review of the gas resource in PEL 96 based on the data and information acquired to date by Strike from the drilling and flow testing programs carried out at the Le Chiffre 1 and Klebb 1, Klebb 2 and Klebb 3 wells.

DeGolyer and MacNaughton has estimated a contingent gas resource for the initial zones that have been flow tested within the Le Chiffre 1 and Klebb 1 wells. As these zones only represent a portion of the net coal encountered at these locations, successful flow testing of additional zones will enable an increased contingent resource to be booked.

The table below summarizes the Contingent Resource Estimates (in billion cubic feet) for PEL 96^ as of March 31.

  • Well
    • Productive area (acres)
      • 1C* - 2,171; 2C* - 2,938; 3C* - 3,931
    • Le Chiffre 1 - Patchawarra Vu Upper and Vu Lower zones
      • 1C* - 62.9; 2C* - 93.2; 3C* - 132.4
    • Klebb 1 - Patchawarra Vu Upper zone
      • 1C* - 42.1; 2C* - 62.2; 3C* - 93.3
    • Total Gross Contingent Resource
      • 1C* - 105.0; 2C* - 155.4; 3C* - 225.7
    • Total Net Contingent Resource~
      • 1C* - 70.0; 2C* - 103.6; 3C* - 150.5

^ Contingent Resource Estimates have been prepared in accordance with the Petroleum Resources Management System “PRMS”. Contingent Resource Estimates are those quantities of gas (produced gas less carbon dioxide and fuel gas) that are recoverable from known accumulations but which are not yet considered commercially recoverable

* 1C, 2C and 3C estimates in this table are P90, P50 and P10 respectively for each well and have been summed arithmetically

~ Net to Strike’s 66.7 percent interest in PEL 96


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