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STRIKE ENERGY LIMITED — Capital/Financing Update 2007
Nov 6, 2007
65876_rns_2007-11-06_0fb60744-49c4-4bc2-8bb1-46d1cea79f27.pdf
Capital/Financing Update
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ASX Announcement ASX Code: STX
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7 November 2007
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Strike Oil Limited ABN 59 078 012 745
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The Company Announcement Officer Australian Stock Exchange Ltd via electronic lodgement
Strike Oil is pleased to provide the following report on its Gulf Coast production testing and development drilling at the Rayburn Project.
Our Strengths
GULF COAST, TEXAS
- Producer/Explorer with strong cash flow
Rayburn Project – Texas Gulf Coast
(Strike Oil: 22.8% Working Interest, Operator: Cypress E&P Corporation)
- Track record of discoveries
• Duncan 2 expected to reach target this week
- Duncan 1 testing continuing
Duncan 2
9 5/8 inch casing has been set at the planned depth of 8,300 feet (2,530 metres) and the well is currently drilling ahead at a depth of 10,090 feet (3,075 metres).
The well is targeting the high quality Middle Wilcox gas pays interpreted from the drilling of the adjacent Duncan 1 well. The target interval is expected to be intersected during the next seven days. Planned total depth is 12,200 feet (3,719 metres).
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Geographically diverse portfolio
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Highly experienced team
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Strong experienced partners
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Innovative approach to E&P
Duncan 1
The testing of the deeper prospective intervals (Lower Wilcox) in the Duncan 1 well is continuing as planned. As reported previously this testing program will have a duration around 60 to 90 days. Interim test results are now expected to be reported within 20 to 30 days.
Yours faithfully
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SIMON ASHTON Managing Director
Further information:
Strike Oil Limited Level 9, Wesfarmers House 40 The Esplanade Perth WA 6000 Tel: 08 6464 0400 www.strikeoil.com.au
Strike Oil Limited Simon Ashton - Managing Director T: 08 6464 0400 E: [email protected]