while we are passing timerehash of news on upstream onlineStrike...

while we are passing time
rehash of news on upstream online


Strike Oil bags new CBM permit


By Upstream staff

Australia’s Strike Oil has been granted a new exploration licence PEL 96 over its prospective Southern Cooper project area in South Australia where it will be targeting coalbed methane.

Strike Oil will hold a 66.7% working interest in the five year licence which covers more than 4050 square kilometres.

The permit lies immediately south of the Moomba gas production facilities and is close to substantial gas infrastructure servicing South Australia, Queensland and New South Wales.

Previous drilling and seismic indicates coal is present over an area of more than 1800 square kilometres.

Initial assessment work based upon coal seams intersected in two petroleum exploration wells - Tinga Tingana 1 and Weena 1 - and the interpretation of seismic modelling estimate 8 trillion to 20 trillion cubic feet of prospective CBM resources, Strike said in a statement.

Strike and its joint venture partner, Australian Gasfields Limited (33.3%), are currently planning a drilling programme for the prospect with the intention of securing regulatory approvals for commencement of drilling in the September quarter.

“We are delighted at the granting of this new exploration licence in what is undoubtedly Australia’s premier onshore conventional oil and gas region and to be an early (CBM) player in the area,” Strike’s managing director Simon Ashton said.