Strike Energy sees significant upgrade of Kingia Gas

Company News

by Rachael Jones

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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.