SADIE-1 BEING PREPARED FOR TESTINGPotential new gas discovery...

SADIE-1 BEING PREPARED FOR TESTING

Potential new gas discovery has prospective
resource of 15-20 Bcf (40%; STX)

Strike Energy Limited (ASX:STX) advises that drilling has been finalised at the Sadie-1 well at the onshore Homeplace prospect in the Gulf Coast, Texas, USA.
Sadie-1 reached a Total Depth (TD) of 12,400? (3,780 metres).

Gas shows encountered while drilling and subsequent wireline logging indicate potential gas pay intervals in the main Wilcox Formation objective. The well is currently being prepared for completion and testing to establish commerciality.

The Homeplace prospect in the Wilcox Formation, where Strike holds a 40% working interest, has a prospective gas resource of 15-20 billion cubic feet (Bcf). The prospect has the potential to more than double the Company?s growing gas and condensate reserves.

Strike?s Managing Director, Simon Ashton said:

?The result at Sadie 1 is very encouraging and we look forward to testing the commerciality.?


Agree OMS, a lot more confident than the statement he made about Deerslayer which was neither here nor there.

The partnership have a 1 in 2 strike rate at the moment and with the added 10% taking them up to 40% wi it will be a good result for them if it flows. Considering Louise is bringing in around $350,000 a month now, another well to increase cash flow will quickly bring us back to where we were before, fingers crossed it will.