Strike Oil Begins Seismic Survey of Peawah and Sherlock Prospects

Following demobilization to Dampier on the completion of the Baha 2D seismic survey managed by Chevron, the M/V Pacific Sword has commenced operations for Strike Oil NL on behalf of the WA-340-P Joint Venture Participants on the Karratha North 2D seismic survey.

Strike Oil NL will be operating five surveys between the Dampier and Exmouth Gulf one of which is the Karratha North 2D seismic survey. The Karratha North 2D seismic survey will be conducted over known prospects (Peawah and Sherlock) with potential to 45 million barrels of oil recoverable with the view to maturing these prospects for oil exploration drilling in the latter half of 2006 or early 2007. Both prospects are in water depths of less than 50 metres and can be drilled by a jackup rig.

Participants in WA-340-P are:

Victoria Petroleum NL 20%, Sun Resources NL 20%, Strike Oil NL (Operator) 40%, Pancontinental Oil and Gas NL 20% 100%