Comet Ridge Limited the operator of the project recently announced they had also increased their interest to 37-1/2%. This gives the following interest in the project:
Strike Oil Limited: 37-1/2%
A grid of conventional 2D seismic lines has been acquired and the data are currently being reprocessed to optimize the initial drilling locations.
First drilling is planned for second quarter 2006.
Commenting on the decision to increase it's working interest, Strike Oil's Managing Director said: "This decision provides Strike Oil with a more material position in this exciting project involving rejuvenating oil production and accessing new reserves from old oilfields utilizing specialist drilling techniques".
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