stunning buying opp, page-4

re: stunning buying opp - sandy

10 January 2006
Australian Stock Exchange Ltd
Via Electronic Lodgement

GAS SHOWS IN WEBERNICK No 1 WELL, TEXAS
Strike Oil announces that the Webernick No 1 well currently drilling on the Mesquite A Prospect in the Gulf Coast, Texas has encountered gas shows.
The gas shows are being recorded in the primary objective interbedded sandstones and mudstones of the Wilcox Formation following resumption of drilling after setting the 7 5/8’ liner at 10,465 feet (3,187 metres). The current drilled depth of the well is 11,359 feet (3,462 metres). The well will continue drilling through the primary objective to the total depth, currently programmed at 12,200 feet (3,719 metres). The shows will be fully evaluated following completion of the drilling.
The specifics of the current well are as follows-
Well Name: Webernick No 1
Location: Mesquite A Prospect, Jackson County, Texas
Spud Date: 7 December 2005 (Texas time)
Objective: Wilcox Formation sands
Status: Current operation drilling ahead at 11,359 feet (3,462 metres) on 9 January 2006 (Texas time).
Proposed Total Depth: 12,200 feet (3,719 metres)
Strike Oil Working Interest: 26.25%
Operator: Cypress E&P Corporation

Yours faithfully
SIMON ASHTON
Further information:
Strike Oil Limited
Simon Ashton - Managing Director
T: 08 9225 4446
E: [email protected]