Strike Energy (ASX:STX) drills W6 to final depth – The Market Herald
- Strike Energy (STX) has drilled the Walyering-6 well to a final 3551-metre depth and has made a new gas discovery in the Cadda Formation
- The Cadda Formation sandstones has four meters of net pay at 2683 metres measured depth with porosities up to 22 per cent
- Strike also found 21 meters of pay in the Cattamarra Sandstones which confirms its geophysical and geological modeling of the play but noted the lower quality compared to the Walyering-5 (W5) well
- When W6 is combined with W5, Strike says it’s confident the Walyering gas field continues to provide the fastest pathway towards commercial development
- On the market, Strike last traded at 29 cents per share on May 13
Strike Energy (STX) has drilled the Walyering-6 (W6) well to a final depth of 3551 metres.
The company also found a new gas discovery in the Cadda Formation, located in the Perth Basin, and 21 meters of pay identified in the Cattamarra Sandstones.
The Cattamarra sands were observed to have areas of good gas charged reservoir. However while it confirms Strike’s geophysical and geological modeling of the play, it is lower quality than the Walyering-5 (W5) well.
However, sand thickness across the A to D sands was within expectations with 21 meters of net gas, mainly across the B & C sands.
Additionally, the Cadda Formation at 2683 metres was observed to be strongly gas charged throughout and to contain conventional sandstone reservoir which was measured as having a four-metre block of very clean net gas pay with porosities up to 22 per cent.
“W6 has provided positive appraisal outcomes that support the progression of the whaling reserves and resources certification. The presence of the very high-quality gas discovery in the Cadda formation bodes well with incremental production from the field,” Managing Director and CEO Stuart Nicholls said.
“On successful flow testing at W6, Strike will incorporate the Cadda gas discovery and the Cattamarra appraisal results into the field’s development plant. When W6 is combined with the better-than-expected results of W5, Strike is confident that the Walyering gas field continues to provide the fastest pathway towards commercial development and earliest possible revenue generation from its portfolio of attractive Perth basin energy projects.”
Analysis of W5 production test results indicate a large, connected volume of gas to the well which in itself supports the Walyering gas field development.
On the market, Strike last traded at 29 cents per share on May 13.