stx Strike Oil

[Dazza]

im another hoper ...

[JBmurc]

Well its not a bad update sounds overall postive till more is know from wirelogs & flow tests

OPERATIONS UPDATE
Strike Oil announces the following update on activities in the USA.
Gulf Coast, Texas
Rayburn Prospect, Duncan 1 well, Wharton County
(Strike Oil: 22.8% working interest. Operator: Cypress E&P Corporation)
• Duncan 1 successfully drilled to Total Depth
• Middle Wilcox zone to be production tested
• Decision to test Lower Wilcox zones to be made after wireline logging
The Duncan 1 well has been successfully drilled to test the Rayburn Prospect in Wharton County, Texas.
At the time of reporting (10 July 2007, Texas time) drilling had been completed at a total depth of 16,030 feet (4,886 metres). Current activity was preparing to run wireline logs in the open 6 ½ inch hole drilled in the Lower Wilcox section, to evaluate a number of intervals of interest with elevated gas readings.
Plans are underway to production test the previously reported, wireline log indicated, gas pay within the Middle Wilcox section which is already secured behind casing.
A decision to test any of the zones of interest in the Lower Wilcox section, below the existing casing, will be made once wireline logs have been evaluated.
Commenting on the results, Strike Oil’s Managing Director, Simon Ashton said:
“Confirmation of a discovery at Duncan 1 by testing, will give Strike Oil a second producing asset and a fifty percent exploration success rate (2 out of 4) in its deep Wilcox, Texas Gulf Coast drilling programme, an exciting result given the portfolio of deep Wilcox prospects being lined up for future drilling .”

[JBmurc]

increase in substantial shareholding by Acorn Capital to 8.15%....acquired over last 2 months

[JBmurc]

quote:Originally posted by Shrewd Crude

JBM...
STX is real similar to Target in the fact that they are drilling in the same region...
but STX have much larger targets huh...
id give up bigger targets for more certaintly
still watching this one...
lata...
[8D]
.^sc

Be a real good time to have a closer at STX- shrewd
""Duncan shaping well as a possible producer"" even if its half the size prediced STX will still double from here.
I see there's a 600k buyer at 25c

[JBmurc]

16 July 2007
Australian Stock Exchange Ltd
Via Electronic Lodgement
DUNCAN 1 - ADDITIONAL GAS PAY IN THE LOWER WILCOX SECTION TO BE COMPLETED FOR PRODUCTION TESTING
Strike Oil is pleased to announce the following drilling update on the Duncan 1 well in the Texas Gulf Coast.
Rayburn Prospect, Duncan 1, Wharton County
(Strike Oil: 22.8% working interest. Operator: Cypress E&P Corporation)
Following the successful drilling of the Lower Wilcox section in the Duncan 1 well, some of the target intervals of interest which had elevated gas readings have been confirmed on wireline logs as further gas pay and are to be completed for production testing.
Plans are now underway to complete the well for production testing of the new pay zones in the Lower Wilcox, before production testing the previously reported gas pay within the shallower Middle Wilcox section already secured behind casing.
The well has confirmed a trapping structure at multiple levels in the Wilcox Formation.
The reserves potential of the pay zones in this well, and over the larger associated structure, will be determined by the planned production testing program and further development drilling.
The production testing is planned to commence following completion of the well.
Commenting on the results, Strike Oil’s Managing Director, Simon Ashton said:
“The production testing of these deeper gas pay zones, coupled with the shallower gas pay, is anticipated to provide an early improvement to cash flow. This could be further increased by near term development drilling on the extensive lease position, the order of 10,000 acres, held over, and adjacent to, the structure on which the discovery has been made. In addition, planned exploration on new Wilcox prospects currently being lined up for future drilling could further enhance Strike’s production position”.
Yours faithfully
SIMON ASHTON
Managing Director - Strike Oil Limited

[JBmurc]

Qtr report out-Total revenue for oil&gas sales -8.7million
-Kingston lignite 100% STX 528mt measured resource[?]value to STX
-5 more wells planned to be drill before the end of 07
-Duncan#1 flowtest soon[?] muti completion well TCF's more drills soon
-Complete FEED study for Rivoli gas field-Carnarvon Basin
-florence STX increase interest to 39% drilling late 07

STX- Mrktcap-78m

[shasta]

JBM

Looks like i'll need to be back in STX before Duncan-1 is flow tested.

Looks like a good home for some NZO profits...

[JBmurc]

Good idea shasta can't believe STX current SP
Have been thinking about selling down a small share of my PPP holding myself PENO at 3.9c look a solid med-term buy

JBmurc-holding truckloads of STX 50c min this yr

[JBmurc]

Date of lodgement: 24-Jul-2007
Title: Open Briefing®. Strike Oil. Strategic Update on US & Australian Prospects

Record of interview:
corporatefile.com.au
Strike Oil Limited (ASX code: STX) is presently completing for production
testing the Duncan-1 well (STX: 22.8%) on the Rayburn Prospect in the Gulf
Coast of Texas, where you have highlighted, pre drilling, a prospective resource of
500+ Bcf of gas. Do the results received to date support your estimations? How
are these results driving your ongoing exploration and development program in the
area? What is the potential of the project to Strike?
MD Simon Ashton
It is still too early to make a reasonable estimate of the potential size of the
resource but we are excited about the discovery based upon the drill results we’ve
received to date. It has significant gas pay zones based on drill cuttings, gas shows
and wireline logging. We have now confirmed the presence of a large structure
with interpreted gas pay at multiple levels.
The pay zone in the Middle Wilcox level is interpreted as excellent quality; clearly
defined on seismic and of a scale potentially greater than our Mesquite Project
interest. The pays in the Lower Wilcox are not as high quality and not as well
defined seismically but still expected to flow at commercial rates and are
associated with a very large structure. Adjacent wells in nearby fields producing
from similar horizons have initial flow rates in excess of 10 million cubic feet per
day. The potential will be evaluated with the flow testing of the well within the
next few months and further development drilling as warranted.
Evaluation of initial capital works on the production facilities and pipeline to the
regional transmission line is underway.
corporatefile.com.au
The company maintains interests across several Gulf Coast prospects. Can you
summarise the key milestones to date? What are your future drilling plans? What
are the risks?
MD Simon Ashton
Strike is in the fortunate position of having a revenue stream. Financially, we have
increased our sales revenues from A$3.6 million in 2005/06 to A$8.6 million for
the financial year ending June 30 2007. This is due largely to our US interests in
the Gulf Coast and, in particular, the Mesquite discovery. The other milestone is
the current Rayburn discovery which, although not yet on production, we are
confident will generate significant and increasing cash flows in the 2007/08 year
and we are forecasting sales revenues to increase to greater than A$10 million for
the coming year.
We have now drilled 4 deep exploration wells in the Gulf Coast since mid 2006 (3
of which tested the Wilcox Formation) with 2 successes in the Wilcox giving us an
overall 50% exploration success rate and two out of three in the Wilcox wells.
This indicates that the technical risks are relatively low and we have a good
portfolio of these low risk prospects at various stages of maturity to ensure a
continuous flow of exploration drilling.
With the Rayburn discovery, the Gulf Coast drilling program is being reviewed to
optimise returns and we will announce the forward program when it is clarified by
the operator.
corporatefile.com.au
At the Florence Project (STX: 39%) in the Rockies (USA) you are in the process
of acquiring a 3D seismic survey. What is the timing to completion of the survey?
In a mature field, why is it necessary to acquire this information to plan a drilling
program? What are your plans?
MD Simon Ashton
The survey has been completed and we will now process and interpret the data and
integrate it with the existing adjacent 3-D seismic and well control. The survey is
aimed at better defining sweet spots associated with fracture systems in the
existing shallow production areas and defining prospects in the deeper formations
which remain largely unexploited and known to be productive elsewhere in the
area. Once all the data is mapped and prospects generated, we will commence
drilling, probably later this year.
corporatefile.com.au
You have completed two

[shasta]

I've found a home for my NZO funds & she's called "Strike Oil"...

I don't want to be out of this when the Duncan-1 ann comes out...

I don't think it's anywhere as big as first touted, but i think it will kick STX into gear!

If JBM & Si thinks it's a goer, thats good enough for me!