Strike Energy Start Drilling CSG Assets in the South Cooper Basin

By David Press on 6/29/2010 6:56 PM
Strike Energy (STX-ASX) today announced the start of their much anticipated drilling program in the South Cooper Basin, South Australia. We made mention of Strikes problems starting this program in a recent blog here.

 Strike are targeting a recoverable CSG resource of between 3700 and 9300 petajoules with a program of between 2 and 4 wells up to 1600m in depth, followed but up to 10 wells 600m deep. The acreage is close to nearby gas pipelines and tests will be performed around the viability of the resource for CSG potential, shale gas and UCG. Capital requirements should the testing prove successful will be reduced due to the close proximity of said pipelines and ease of access to markets.

 

Success here should see a serious re-rating of the company's...
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Nido Petroleum Successfully Tests Tindalo-1

By David Press on 6/8/2010 5:20 PM
Nido Petroleum today announced successful flow rates from their SC54A Tindalo-1 well, resulting in an appreciation in the shareprice to well over 20c in intraday trade after an end to the companys self imposed trading halt. 

 

The well was flowing at a maximum rate of 18 689 bopd, well above their target of between 7000 and 15 000 bopd.  Those rates came without use of any pumping and were restricted by the hardware used, adding more positive sentiment to the productivity of this well over the longer term.

 

Nido made it quite clear in todays announcement that they intend to use the cash flow to immediately develop other shallow water targets in the area and plan to implement their strategy regarding development of their Gindarra target in SC63.  Given the company's public search for a major partner for SC63, and the purchase of over 11% of the company's shares by Morgan Stanley, there are certainly exciting times ahead.

 

Disclaimer:  At the time of publishing, the Author...
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