- Oil and gas explorer Strike Energy (STX) has provided an update on the well being drilled in the West Erregulla field as part of a joint venture
- The company advises that it has drilled the second intermediate hole section to a final depth of 3534 metres
- The final depth was supposed to be 3750 metres, however, Strike advises it encountered an expected fault earlier than planned
- Pleasingly though, STX said hydrocarbon shows were observed throughout, which supports the company’s modelling and results from nearby wells
- Next steps for Strike will be to run wireline logs through the section before running casing and cementing it in place
- Shares in Strike Energy are up 1.82 per cent trading at 28 cents each
Strike Energy (STX) has provided an update on one of the wells being drilled in the West Erregulla field as part of the EP469 joint venture with Warrego Energy (WGO).
The oil and gas company had advised shareholders that it has drilled the second intermediate hole section to a final depth of 3534 metres.
That’s slightly less than planned, with Strike originally targeting a final depth of at least 3750 metres.
However, the company said it encountered an expected fault “higher than predicted” which caused it to locate the casing plate earlier than planned.
Strike also revealed during the drilling it observed hydrocarbon shows throughout and as a result, wireline logs will be run through the section.
The presence of hydrocarbons is a good sign for the explorer as it is
supports its geological models and matches the results seen in the West Erregulla 2 well.
The company will now move to complete wireline logging operations before commencing casing and cementing in place.
From there, Strike will begin drilling ahead to the well’s primary targets and, if successful, could become a future producer.
Shares in Strike Energy have opened the last trading session for the week trading up 1.82 per cent at 28 cents each at 12:01 pm AEDT.