Oil and gas exploration company Strike Energy (ASX:STX) is on target for the drilling and completion of its Jaws project, after completing all major contracting and procurement and with civil works completed under budget.
The company said it is fully funded to achieve its 2018 objectives and complete the Jaws project on budget.
The company is collaborating with Halliburton to complete the final design and execution programs for the Jaws project.
The miner has secured $5.4 million in R&D with Commonwealth Bank for FY2018, after repaying its FY2017 R&D facility to the bank with an R&D tax refund of $3.7 million.
Strike Energy completed the fourth quarter with $8 million of cash on hand as of 31 December 2017, after operations spend of $2.8 million for the fourth quarter.
Shares in Strike Energy (ASX:STX) closed 1.37 per cent lower yesterday at $0.07.