Strike Preps for Testing at Sadie Well

Strike advised that production casing has been set in preparation for testing at the Sadie-1 well at the onshore Homeplace prospect in the Gulf Coast, Texas, USA.

Gas shows encountered while drilling and subsequent wireline logging indicate potential gas pay intervals in the main Wilcox Formation objective.

The current plan is to test the well direct to sales. Options to tie into nearby pipelines are currently being investigated. It is anticipated that pipeline installation and scheduling of fraccing equipment will enable testing to commence in two to three months.
The Homeplace prospect in the Wilcox Formation, in which Strike holds a 40% working interest, has a prospective gas resource of 15-20 billion cubic feet (Bcf). The prospect has the potential to more than double the Company’s growing gas and condensate reserves.