Strike Energy lifts West Erregulla gas reserves after new seismic and drilling data

The latest announcement is out from Strike Energy Limited ( (AU:STX) ).

Strike Energy has updated its reserves and resources estimate across the West Erregulla and Erregulla Deep areas in Western Australia, following new data from the Erregulla Deep-1 well and the Natta 3D seismic survey. The independently audited review by Miller & Lents shows a 19% increase in 2P gas reserves at West Erregulla to 251 petajoules net to Strike, confirming the field as the company’s central development asset in licences L25 and L26.

The upgrade is driven largely by an extension of the West Erregulla field outline to the northwest revealed by merged 3D seismic, while some contingent resources in the High Cliff reservoir were revised down due to updated petrophysical analysis. Strike also reported partial conversion of prospective to contingent resources at Erregulla Deep and additional prospective resources in the Kingia sandstone, reinforcing the broader growth potential of the Erregulla area as Western Australia seeks new onshore gas supplies to support its energy transition and address forecast shortfalls in gas and firming capacity.

The most recent analyst rating on (AU:STX) stock is a Hold with a A$0.12 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 onshore gas exploration and development in the northern Perth Basin of Western Australia. The company holds a 50% operated interest in production licences L25 and L26, where it is advancing the West Erregulla gas field and associated prospects as core assets in its Erregulla portfolio.

Average Trading Volume: 7,292,008

Technical Sentiment Signal: Sell

Current Market Cap: A$377.9M

For a thorough assessment of STX stock, go to TipRanks’ Stock Analysis page.