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Strike Energy Limited ( (AU:STX) ) has issued an announcement.
Strike Energy has begun drilling the Walyering West-1 near-field exploration well in the Perth Basin, using the Ensign 970 rig and reaching a depth of 1,006 metres measured depth as operations progress on schedule. The well, located about three kilometres from the Walyering Gas Plant, targets Jurassic sandstone reservoirs in the Cattamarra Formation to assess gas and condensate potential within a proven hydrocarbon system.
The campaign is designed to test a 46 petajoule prospective resource, with plans to drill to 3,639 metres, run wireline logs, and, if successful, complete the well for testing and tie it back to existing processing facilities. Success at Walyering West-1 could be commercialised rapidly via current infrastructure, offering upside to Strike’s base business by supporting efficient production growth, capital discipline and an enhanced development outlook, with preliminary drilling results expected in early May.
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 production company focused on the Perth Basin in Western Australia. The company operates and holds 100% equity in Licence L23, where it is developing and exploring conventional gas and condensate resources near existing processing infrastructure, including the Walyering Gas Plant.
Average Trading Volume: 10,334,177
Technical Sentiment Signal: Sell
Current Market Cap: A$431.9M
For an in-depth examination of STX stock, go to TipRanks’ Overview page.