Strike shares soar on Kingia discovery
PERTH (miningweekly.com) – The share price of ASX-listed Strike Energy closed nearly 90% higher on Tuesday after the company announced a "significant" gas discovery at the Strike-Warrego joint venture (JV), in the Perth basin.
The discovery, dubbed Kingia, was encountered at 4 753 m with gas on rock showing a gross gas column of at least 97 m. Strike noted that the lower section from 4 790 m onwards was made up of several high-quality large units of clean sand with thick blocky porosity development.
This 67 m section, which has high gas saturation throughout, is interpreted to have a net pay of 41 m and an average porosity of 14.3%, with peaks of up to 19%.
“This is truly an exceptional outcome. The Kingia results at West Erregulla have exceeded Strike’s highest expectations and indicate a significant discovery that appears to have higher reservoir quality than the Waitsia gasfield,” said Strike MD Stuart Nicholls.
“With West Erregulla-2 now being one of the deepest wells ever drilled onshore Australia and finding such excellent quality sandstone reservoirs, the subsurface paradigms of the Perth basin are shifting.
“Strike believes it has unveiled a new conventional gas fairway, with these initial results validating our geological model. With gas discoveries in the Wagina and now the Kingia sandstones, the West Erregulla campaign is company-changing for Strike.”
Nicholls said that with the well drilling ahead to the High Cliff sandstones, which showed an even better anomaly than Kingia, the chances of adding a further material discovery looked promising.
Strike shares traded at a high of 28c a share on Tuesday, up from a low of 21c a share.
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