Strike Oil Announces Reserve Estimates at Casino Gas Field

Strike Oil advises that indicative reserves for the Casino Gas Field are calculated to be in the order of 140 BCF of sales gas. The gas is dry with low inert contents less than 4% (including CO2 contents of approximately 1%) which will minimize development and processing costs of the Casino Gas Field.

A review of the options available for early commercial development of the Casino Gas Field is being undertaken by the Joint Venture operator, Santos Limited, which will include sharing of pipeline and associated infrastructure with nearby gas development projects. The review will also evaluate the potential for early exploration drilling with a view to integrating discoveries with the development of Casino.

The Casino Gas Discovery has confirmed the permit contains an active petroleum system in communication with gas reservoir sandstones and has confirmed the technology to predict the presence of gas from the 3D seismic data. The recent wells also provide valuable calibration points on the 3D seismic data from which to prioritize several of the promising targets remaining to be tested in the vicinity of the Casino discovery.

The VIC/P44 Permit Interests comprise a joint venture between Santos (operator) 50% and Strike Oil 50%.