southern cooper basin announcement out now

Wow excellent progress and gas shows to be more than expected

SOUTHERN COOPER BASIN GAS PROJECT UPDATE
Key project milestones successfully achieved following completion of the appraisal drilling program
Klebb 1 highlights:
o Over 145m of net coal encountered with strong gas shows while drilling
o Target coals encountered at Klebb 1 are 35% thicker than at Le Chiffre 1 and confirm the presence of a substantial, continuous gas resource directly under the Moomba to Adelaide gas pipeline
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Strike Energy Limited (ASX:STX) (“Strike”) is pleased to advise that the Southern Cooper Basin Gas Project appraisal drilling program has been successfully completed. The results obtained from the Le Chiffre 1 and Klebb 1 wells have materially de-risked key parameters underpinning project resource and cost estimates ahead of the next stage of the project’s commercialisation.
KLEBB 1
The Klebb 1 well was drilled to a total depth of 2,193m and cased using premium casing to allow for future fracture stimulation and flow testing.
Wireline logs have shown over 145m of net coal was encountered in the well.
In particular, 89m of coal was observed in the Patchawarra Formation, including one continuous 34m thick seam and two other seams each over 15m thick.
Notable increases in gas readings were recorded while drilling through coals encountered in the well. The increase in gas readings with depth was consistent to that observed in the Le Chiffre 1 well.
Strike Energy Limited ABN 59 078 012 745 P: +61 2 9397 1420 120B Underwood Street Paddington NSW 2021 www.strikeenergy.com.au
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ASX Announcement
8 January 2014
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PROGRAM HIGHLIGHTS
While data obtained from the Le Chiffre 1 and Klebb 1 wells will continue to be analysed through Q1 2014, preliminary results confirm:
• The presence of a continuous coal system in the Weena Trough in PEL 96, with very thick coal development in excess of our pre-drill estimates observed in both wells as outlined below.