Strike Energy Limited Reports Positive Findings at Erregulla Deep-1 Exploration Well

Highlights:

• Positive Gas Findings: Strike Energy Limited (ASX: STX) has observed promising gas-charged sands in the Erregulla Deep-1 well, with indications in both the Irwin River Coal Measures and the Kingia Sandstone.
• Well Progress: The Erregulla Deep-1 well has reached a depth of 5,208 meters and is continuing towards its final target depth, with further wireline logging planned to confirm preliminary observations.
• Strategic Location: The well is situated adjacent to the West Erregulla gas field and aligns with other significant gas discoveries, enhancing the potential for expanding Strike Energy's reserves.

Substantial Gas-Indications in Erregulla Deep-1

Strike Energy Limited (ASX: STX) has announced promising results from its Erregulla Deep-1 (ED-1) exploration well, revealing significant gas-charged sands. The well has reached a depth of 5,208 meters and continues to drill towards its final target. Initial findings show positive indicators of gas in both the Irwin River Coal Measures and the Kingia Sandstone, the latter being the primary target.

Encouraging Observations and Next Steps

Drilling activities have identified porous gas-charged sands in two key formations. Preliminary data from mud logs and logging while drilling tools suggest substantial gas presence. These observations include sustained drilling breaks and elevated mud gas levels above background levels. Detailed wireline logging will be conducted to confirm these initial findings and provide a comprehensive update.

Strategic Location and Future Updates

The Erregulla Deep-1 well is strategically located near the West Erregulla gas field and aligns with the Lockyer and North Erregulla gas discoveries. The well’s location is crucial for evaluating the potential of additional reserves. Strike Energy, as the operator of the EP469 Joint Venture, is set to release further details following the completion of the wireline logging campaign.

Company's Operational Focus

Strike Energy continues to advance its exploration and development activities within the EP469 Joint Venture, holding a 50% stake alongside Warrego Energy 469 Pty Ltd. The ongoing exploration aims to expand the company’s gas reserves and enhance its operational footprint.

Stay tuned for more updates as Strike Energy progresses with its drilling and logging activities, aiming to unlock further potential in this promising gas field.

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