- On the back of a successful quarter, Strike Energy has boosted its market cap by 350 per cent
- Strike has made a number of gas discoveries in the Perth Basin recently, which the company says marks a major turning point
- Heading into the next quarter, Strike remains well funded to continue exploration
- Strike Energy’s share price remained flat today, currently sitting at 26 cents per share
Strike Energy informed the market today of its third quarter success which has boosted the company’s market cap by 350 per cent.
The success comes after a series of gas discoveries in the Perth Basin.
Strike’s Managing Director, Stuart Nicholls, said: “This quarter will be marked as a major turning point in the company’s history.”
“These discoveries will underpin Strike’s future as we continue to unlock the Permian conventional gas fairway throughout our command acreage position in the Perth Basin.,” Stuart added.
At the West Erregulla project in the Perth Basin, three major Permian gas discoveries were made — one of which is the best quality gas find the company has had in the Basin.
The Kingia gas discovery has exceed company expectations: it is the deepest well drilled onshore in Australia after its completion at 5100 metres. A production test of the well will begin soon.
The company also operates gas projects in the Cooper Basin, where gas production is steadily growing.
Strike Energy’s share price closed flat today, after recording a spike in early trade and fall in afternoon trade. Shares in the company are currently worth 26 cents each.