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Strike Energy Limited ( (AU:STX) ) just unveiled an update.
Carnarvon Energy Limited has announced a strategic investment in Strike Energy Limited, acquiring up to $89 million worth of shares for a 19.9% stake. This investment is part of Carnarvon’s strategic review to capitalize on Strike’s extensive gas portfolio and the growing demand in Western Australia’s domestic gas and electricity markets. The funds will enable Strike to advance key projects, including the South Erregulla gas-fired power station and the West Erregulla gas project, while Carnarvon retains financial strength to pursue its own projects. The investment is structured in two tranches, with Carnarvon gaining board representation rights, reflecting the strategic nature of this partnership.
The most recent analyst rating on (AU:STX) stock is a Hold with a A$0.20 price target. To see the full list of analyst forecasts on Strike Energy Limited stock, see the AU:STX Stock Forecast page.
More about Strike Energy Limited
Carnarvon Energy Limited is a company involved in the energy sector, focusing on the exploration and development of oil and gas resources. The company has a significant interest in the Bedout Sub-basin and is involved in various projects aimed at expanding its portfolio and market presence.
Average Trading Volume: 4,191,978
Technical Sentiment Signal: Sell
Current Market Cap: A$458.8M
For an in-depth examination of STX stock, go to TipRanks’ Overview page.