stx Strike Oil

[JBmurc]

could well be the week STX announce another discovery still holding a few hoping they will reward for my many years of patience

-7 july TEXAS
Muegge 1 well
The Muegge 1 well (Strike WI 30%) on the Homestead prospect in Wharton County, Texas was at depth of 3,883 metres (12,740 feet) on 6 July 2010. Drilling has recommenced after the mechanical operational delays were overcome. The well is expected to reach total depth of 4,267 metres (14,000 feet) within the next ten days.
Steindorf 1 well
The Steindorf 1 well (Strike WI 30%) on the Deerslayer prospect was due to be drilled immediately after the Muegge 1 well. Due to the operational issues with the Muegge drilling the operator is reviewing the next well’s drilling operation. This could lead to a delay in the commencement of the Steindorf 1 well.
The Muegge and Steindorf wells are the second and third wells to be drilled testing 350 Bcf of prospective gas resource. The first well Starnes 1 intersected no commercial hydrocarbons.

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I also remember JC saying a BCF in ground had a value round 5mill back when Nat gas was higher(6-7mmcf)
say STX drill a massive 300BCF find their share 100BCF X 2.5 mill =250mill conservative in ground value
the market values STX at 71mill ---------------------

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Also should here something on the southern cooper drill soon could well be worth many hundreds of millions
to STX market value

[mattyroo]

Yep JB, STX could well be a 200 million$ company by years end.

The beauty of what they're doing, is that their drills are not too high risk, yet are high reward. Most of their drilling can be funded from existing revenue streams, and their success rate has been exceptional so far. Long may it continue!

[evilroyrule]

again the buying pattern today suggests things are looking good imo. any day now...

[JBmurc]

looks like it will be next week for an update on drilling

[JBmurc]

looks like it will be next week for an update on drilling

Or maybe not


SOUTHERN COOPER COAL SEAM GAS EXPLORATION
Highlights
• 15 metre gassy coal seam cored in first objective of Forge 1 well.
• Gas evidenced from mud logs, gas bleeding from coal cores and early stage gas desorption tests.
• 224 metres of coring planned to total depth of 1,505 metres.
Strike Energy is pleased to announce that the Epsilon coal which was the first objective in its Forge 1 well in the Southern Cooper Basin has been successfully cored and encouraging gas readings have been recorded.
A 15 metre coal seam has been cored between 1,311 and 1,326 metres. Gas has been recorded from mud logs while coring and gas has been observed bleeding from the coal cores. Core samples continue to desorb gas in the wellsite laboratory.
The well is currently at a depth of 1,351 metres. The Patchawarra coals which are the second objective in the well are prognosed to occur at approximately 1,400 metres.
Coring commenced at 1,281 metres. A total of 224 metres of core will be cut prior to reaching a planned total depth of 1,505 metres.
Evaluation of permeabilities will take place after the coring of the Patchawarra coals. The gas desorption tests and further analytical tests will continue in Brisbane after the end of the well.
The Forge 1 well is the first well in the Southern Cooper to target specifically coal seam gas potential. The prospective gas resource potential of the Permian age coal measures in PEL 96 is estimated at 3,700 to 9,300 petajoules, or approximately 3.7 to 9.3 trillion cubic feet (Tcf) (100%).

[mattyroo]

We should hear in the next few days how the second (primary) target in the current drill in the Southern Cooper has fared. Hoping for a good announcement..... hopefully the deeper coals are better than the shallower.

Looking at the buy depth though, it does not look healthy. If I wanted to unload my shares, I'd be knocking 25% off the current share price - ouch!

[JBmurc]

We should hear in the next few days how the second (primary) target in the current drill in the Southern Cooper has fared. Hoping for a good announcement..... hopefully the deeper coals are better than the shallower.

Looking at the buy depth though, it does not look healthy. If I wanted to unload my shares, I'd be knocking 25% off the current share price - ouch!

Yeah drill results from the US didn't sound to positive 2 down one to go--- really need the deep Southern Cooper to be good or STX could well be coming back to the market to raise extra cash.. have sold down just under half of my STX holding sitting on abit of cash watching if the S.cooper isn't good we will see the SP in the teens

[evilroyrule]

expecting good news before the week is out.......praise to allah it is!

[JBmurc]

expecting good news before the week is out.......praise to allah it is!

Yes we need some good results from the CSG test drilling tom stop STX slipping into the teens

[JBmurc]

Yes we need some good results from the CSG test drilling tom stop STX slipping into the teens

Not confident on STX short term SP growth so as of today sold my last parcel of STX--
longer term I'm sure they do well in the mean time I think another Cap raising is coming many dusters much spent ,CSG drill looks like will have to be drilled again with a different rig..overall STX won't be doing much with most of there spare cash being spent of late..