Strike Oil Begins Baha Marine Seismic Survey

Strike Oil says that the Baha 2D Marine Seismic Survey in petroleum exploration permit EP-424 located approximately 10 km north of Onslow in the Carnarvon Basin, Western Australia, commenced on November 21, 2005.

The survey is a joint project between the EP-424 joint venture operated by Strike Oil and the TL/4 joint venture operated by Chevron Australia Pty Ltd. The survey is being managed by Chevron on behalf of the two joint ventures.

The survey of approximately 160 km of 2D seismic is expected to take about 2 days to complete.

The lines in EP-424 are being acquired to assist with the evaluation of the Baniyas prospect which has an oil potential of 60 million barrels of recoverable oil.

Participants in the EP-424 joint venture are Strike Oil as operator with 40%; Carnarvon Petroleum with 35% and Pancontinental Oil & Gas with the remaining 25%.