-
Oil - NZO
REE - ARU
Copper - EQN/OXR/TMR
Iron- AGO/ADY/UMC
Nickel-WSA
PGM/Gold - PLA/VRE
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--off HC---
STX has at least $10m in cash, earnings of $12m (value at a pe of 10) around $25m in proven gas reserves, and only 240m issued shares.
That values over 50 cents plus discovery.
up over 10% last couple days
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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wouldn't be selling those EKAO yet DAZZA
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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STX 29c with drilling rig contracted spud 10 nov at tow creek/bear river -----------Yea HA
----Back to 40c in no time----
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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no not yet jbmerc not yet lol
though i did sell some at 23 cents
.
im riding that baby free hold at the moment..
man i do hope stx brings me some goods eh.
Oil - NZO
REE - ARU
Copper - EQN/OXR/TMR
Iron- AGO/ADY/UMC
Nickel-WSA
PGM/Gold - PLA/VRE
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Yeah was close to going freehold on my EKAO till the trading halt -----would've still had a 20,000 holding
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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Couple big targets coming up for STX could rerate in a big hurry if successive STX-28c even a good punt before spud.
Flint Prospect
Fort Bend County
Texas Gulf Coast
Highlights
- McGall No1 well on the 200 billion cubic feet (bcf) of gas potential Flint
prospect has spudded (28 January 2007- Texas time).
- Strike Oil’s share of gross revenues (that is 25%) could be on the order of
AUD$400 million based upon a 200 bcf discovery and AUD$8.50 per
thousand cubic feet of gas (approximately the current gas price).
- This prospect is the first of 3 very large Gulf Coast gas prospects with
similar reserve potential to Flint, to be drilled in 2007.
- The objective section of the Flint prospect is the Wilcox Formation, the
same formation as Strike Oil’s Mesquite production project.
- A discovery at Flint can be brought on production rapidly due to its proximity
to pipeline infrastructure and access to markets.
The Flint Prospect is located in Fort Bend County, Texas and approximately 2700
acres have been leased covering the majority of the mapped prospect. The well is
programmed to a total depth of 16,500 feet and is likely to take 60 to 70 days to
drill and has a dry hole cost estimate of US$ 6.1 million (AUD$ 7.8 million). Strike
Oil will be funding 33 1/3% at a cost of AUD$2.6 million to earn a 25% working
interest in the prospect. Completion cost of the well is estimated at US$2.5 million
(AUD$3.2 million) of which Strike Oil would be required to fund 25% or AUD$800,000.
The primary objectives of the McGall 1 well are located in the Wilcox Formation
below 15,000 feet (4573 metres). The total resource potential is in the order of 200
bcf of gas.
Strike Oil considers that the prospect is relatively low risk with the order of a 25%
to 30% probability of success. The structure is defined by 3-D seismic control and
three nearby wells one of which has produced 7 bcf of gas from the prospective
section in a separate fault block in the same mapped structure.
The prospect is located in proximity to major gas transmission pipelines and has
ready access to markets providing the opportunity to sell any discovered gas in a
timely manner. Based upon the current prevailing gas prices in the region of
around US$6.50 per mcf (approx. AUD$8.50 per mcf) this could provide Strike Oil
with the order of AUD$400 million in gross revenues based upon its 25% working
interest and a 200bcf discovery.
Flint is the first of three large prospects with similar reserve potential to Flint,
scheduled to be drilled on the Gulf Coast during 2007.
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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ABN 59 078 012 745
STRIKE OIL LIMITED
Level 9, Wesfarmers House
40 The Esplanade
Perth Western Australia 6000
Phone: 61 8 6464 0400
Facsimile: 61 8 6464 0401
Email: strike@strikeoil.com.au
www.strikeoil.com.au
9 February 2007
Australian Stock Exchange Ltd
Via Electronic Lodgement
WEEKLY OPERATIONS UPDATE
Strike Oil is pleased to announce the following update on drilling activities in the
USA.
Gulf Coast, Texas
Mesquite Project, Webernick 5 well
(Strike Oil, 32.3% Working Interest. Operator, Cypress E&P Corporation.)
Testing of the Frio Formation in the Webernick 5 well is continuing. The well is flowing at around 200 mcf per day at 1240 psia flowing tubing head pressure on a 6.5/64 inch choke. This rate is in line with expectations for this shallow, low cost well.
Flint Prospect, McGall 1 well
(Strike Oil, 25% Working Interest. Operator, Cypress E&P Corporation)
The McGall 1 exploration well was preparing to drill ahead in 12 ¼ inch hole at
4176 feet (1273 metres) on 8 February 2007 (Texas Time) after setting 13 3/8 inch
casing at 4166 feet (1270 metres). Proposed total depth is 16,500 feet (5,030
metres).
The well is targeting a large gas prospect in the order of 200 billion cubic feet of
gas potential in the Wilcox Formation.
Rocky Mountains, Colorado
Tow Creek Prospect, Coal View Unit 31-4 well
(Strike Oil, 37.5% Working Interest. Operator, Comet Ridge Limited)
At the Coal View 31-4 well, attempts to recover stuck drill pipe are continuing.
A productive zone is indicated by the continued presence of oil in the circulating
mud.
Bear River Prospect, Peltier 11-12 well
(Strike Oil, 33.75% Working Interest. Operator, Comet Ridge Limited)
The Peltier 11-12 well is being prepared for testing. A 5 ½ inch production liner
has been run to total depth with 700 feet (213 metres) of perforated pipe set
across three reservoir intervals (the first, second and third benches of the Niobrara
Formation).
Production testing will commence after the work-over rig currently working at the
CVU 31-4 well installs an electric submersible pump, and temporary power and
production facilities have been installed at the surface.
For more information on the Tow Creek and Bear River operations refer to the
ASX release made by Comet Ridge on 6 February 2007 (copy attached).
Strike Oil will make weekly Operations reports each Friday, unless otherwise
warranted, while drilling operations are in progress.
Yours faithfully
SIMON ASHTON
Managing Director - Strike Oil Limited
Further information:
Strike Oil Limited
Simon Ashton - Managing Director
T: 08 6464 0400
E: strike@strikeoil.com.au
Comet Ridge Limited
ABN 47 106 092 577
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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-STX going cheap atm doulbed my holding at 24c
-Half-year after tax profit 1,011,000
-McGall 1 current being drilled 200Bcf followed by Rayburn 500bcf then Rodeo 200bcf any 1 success will rocket STX sp 50c+.
-Rocky mountains-had problems with the stuck pipe( but otherwise some good oil&gas shows)cost overruns hurting sp of late
-Overall even with the negatives of the stuck pipe,cost overruns STX has alot going for it over the rest of 07 and best of all has 2mill coming into the bank to help cover most of there costs in there high impact drilling campagin
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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-STX 30c up 6c in couple days
-Good Gas shows at McGall- if success 200bcf- 60c+ value to STX easy 80c+ SP-with Rayburn 500bcf,Rodeo 200bcf next anymore success here plus some decent oil flow rates at tow creek/bear river-
STX $2 sp this year[:0]
"With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu
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