Strike Increase Interest in Louise Gas/Condensate Field and Eaglewood Joint Venture
Mar
22
Written by:
3/22/2011 4:21 PM
Strike Energy (STX-ASX) announced late last week that they have increased the company's interest in the Louise gas/condensate field and the Eaglewood JV. Strike have spent US$3.75m on increasing their interest in the Louise fields to 40% (from 30%), increasing net production for Strike to 2MMcfe/day (revenue of approximately $350 000 per month at current prices). The deal also increases the interest in the Eaglewood JV, giving strike a 40% interest in future discoveries.
Having recently sold it's Rayburn and Mesquite assets (blog here), STX are flush with cash (around $20m before the deal) and are embarking on a multiple target drilling campaign in the US through it's Eaglewood JV. I blogged about the disappointing results from their Steindorf well recently, but with Sadie-1 nearing it's target depth, there is plenty to look out for on the Strike Energy front. Sadie is targeting up to 20bcf of gas and is nearby and of similar formation as previous successful finds for the JV. Success here will not only increase revenue and development of reserves, but should result in some positive share price action.
In recent announcements, management of Strike have indicated they are looking to evaluate new joint ventures in the US and leads me to believe they may be on the lookout for possible shale oil/gas/condensate plays. Given the market hype and recent success being achieved by other small and mid cap oil companies on the ASX, I won't be surprised if we see some interest shown by STX management in unconventional oil and gas plays.
All in all, Strike has continued to frustrate myself and no doubt a number of fellow share holders, however I remain a believer in the management team and hope they can deliver on the promise Strike has shown over recent years. Plenty still to look out for and may offer a chance to enter cheaply if Sadie-1 is a duster.
Disclaimer: As always, I am not a professional advisor and as such the above blog should not be considered financial advice. Always seek the advice of a professional advisor before making any investment decision. I am a holder of Strike Energy shares.
10 comment(s) so far...
Re: Strike Increase Interest in Louise Gas/Condensate Field and Eaglewood Joint Venture
Strike today announced that the Sadie-1 well would proceed to testing immediately after reaching target depth and encountering encouraging gas shows from the Wilcox trend.
It will be a short wait will ensure before results but well worth watching. I must say it is a good start to their planned 6 well drilling program.
By David Press on
3/24/2011 2:06 PM
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Re: Strike Increase Interest in Louise Gas/Condensate Field and Eaglewood Joint Venture
In a further update on STX's Sadie-1 well, management today announced that the casing has been installed and that they plan to test directly onto sales. Sourcing piping and fraccing equipment willl result in a 2-3 month timeframe for testing, however the news is very encouraging and points to a commercial find.
By David Press on
3/31/2011 3:19 PM
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