Strike Energy (ASX:STX) reports a significant upgrade to the view of the Kingia sandstone conventional gas discovery at West Erregulla-2.
Analysis of the logs in conjunction with advanced wireline tools has indicated an increase in net pay of 17 metres, which brings the total net pay to 58 metres using the cutoffs from the nearby Waitsia field.
Gas samples were recovered at the surface and compositional analysis with primary components were 92 per cent methane and 5.8 per cent CO2.
This result is considered to be supportive of a low-cost gas development and is promising for further additional discoveries at depth within the Perth Basin.
Shares in Strike Energy (ASX:STX) closed 10.9 per cent higher at 26 cents.