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The latest announcement is out from Strike Energy Limited ( (AU:STX) ).
Strike Energy has reported operational progress at its Walyering West-1 near-field exploration well in the Perth Basin, where the intermediate hole has reached total depth of 2,596 metres and been successfully cased. The rig is now drilling ahead in the Cattamarra Coal Measures at 2,670 metres, with the well planned to reach about 3,639 metres to fully assess the targeted Jurassic sandstone reservoirs.
The campaign is designed to test a 46 petajoule prospective gas resource within the Cattamarra Formation, hosted in a fault-bounded, four-way dip closure structure. If successful, Walyering West-1 is expected to be cased and suspended to enable further evaluation and potential production testing, with any commercial discovery to be tied into the nearby Walyering Gas Processing Facility, underscoring the strategic importance of this well for Strike’s growth in the Perth Basin gas market.
The most recent analyst rating on (AU:STX) stock is a Hold with a A$0.10 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
Strike Energy Limited is an Australian oil and gas exploration and development company focused on the Perth Basin in Western Australia. The company operates and holds 100% equity in licence L23, where it is targeting Jurassic-aged conventional sandstone gas reservoirs with potential tie-ins to existing processing infrastructure.
Average Trading Volume: 10,362,791
Technical Sentiment Signal: Sell
Current Market Cap: A$413.9M
Learn more about STX stock on TipRanks’ Stock Analysis page.