Strike Oil Reviewing Results of Ceres 1 Well

Strike is currently integrating the results from the Ceres 1 well drilled 5 km to the north of TP/17, with its previous interpretation of the Altostratus prospect. Also as a result of Strike acquiring equity in permit EP-403 immediately south of TP/17 as part of an acreage trade with Tap, it has been able to license an additional 231 square kilometers of the Panaeus multi-client 3D seismic survey. This will enable Strike to map an area of over 455 square kilometers using a continuous data set from the one 3D seismic survey.

Both the Lower Cretaceous M. australis play and plays within the deeper section including the Jurassic Athol Formation which is oil bearing in WA-261-P, will be fully evaluated before a decision is made on whether to revise the location of the first well to be drilled in TP/17.