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An announcement from Strike Energy Limited ( (AU:STX) ) is now available.
Strike Energy has reported a successful outcome at its Walyering West-1 well in the Perth Basin, confirming a new conventional gas accumulation in the Walyering West prospect. Drilled to a total depth of 3,650 metres, the well intersected multiple gas-bearing sandstone intervals in the Jurassic Cattamarra Coal Measures, including net pay in the A Sub 1, C1 and D1-D4 sands that are analogous to the existing Walyering gas field.
The well lies about three kilometres from the Walyering gas processing facility, positioning Strike to move quickly into flow testing and, if results are positive, to tie the discovery back to existing infrastructure for early commercialisation. Current operations involve running casing, cementing and cased-hole logging ahead of production testing this financial year, with results expected to inform future drilling and development plans in the near-field area.
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 company focused on exploration and development in the Perth Basin. The company operates and holds 100% equity in licence L23, where it targets conventional Jurassic sandstone gas reservoirs, supported by existing processing infrastructure in the region.
Average Trading Volume: 9,900,736
Technical Sentiment Signal: Strong Sell
Current Market Cap: A$395.9M
Find detailed analytics on STX stock on TipRanks’ Stock Analysis page.