STX 3.03% 17.0¢ strike energy limited

agenda 1hy

  1. 531 Posts.
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    Just to kill time of wating ...
    a short view on STX Agenda for the next four months:

    * HD-R1 (seems clear for everbody):

    - The Cook Mountain Formation could be a new discovery; they reported "substantial gas shows" at HD1 and SA announced that they will run wireline logs before they drill ahead to primary objective "Middle Wilcox Fmt."Results are pending, perhaps on Wednsday

    - If HD-R1 has results comparable to D1, D2St1 and GF1 at the "Middle Wilcox" then the Cypress Eagle Field will be a "Giant-Discovery" in order of multiple of hunderts of bcf (eventually up to the TCF area if the deeper "Lower Wilcox Fmt." proved to be commercial)

    * Duncan #3 will be the fifth Rayburn well

    - In the meantime drilling of D3 is "approved" and spud could follow immediately after completion of HD-R1. D3 will extend the field development to the south.

    * More Rayburn development wells are announced

    - Depending on success we could have up to 10 to 14 wells at the end of the year.

    - Wells in adjacent Wilcox fields have the order of 5 to 10 bcf per well; therefore we could have 50 to 100 wells at the Rayburn prospect if we have a dicovery in the order of 500 bcf. The current Duncan #1 production rates eaquates to cross revenues about 3 mio. A$ per month.

    * Confirmation of of flowrates of D2St1, GF1, HD-R1, and perhaps D3 should be possible in the next 4 months

    * Cooper-Basin (ATP-633P) (STX 15%)

    - Two oil - wells in the first halfyear with BPT.

    - Prospective Resource at "Phi" is 5-10 mmbbl; 
    at "Phi South" 3-5 mmbl.

    - 1,5 mmbbl (based on a 10 mmbbl discovery) would have a market value for STX of around 160 mio. A$ - which would be a two fold of the current MC.

    * Florence (STX 39%)

    - The program will start in March/April - currently there are three wells in a "drilling permit application" status(Golden 33-20, Apache 33-20B, Rainbow 33-20)

    - All of this wells are targeting the "Pierre Formation" with a oil potential of 200,000 bbl each (Golden will also testing the Niobrara Fmt.)

    - A well in a adjacent lease (Javernick Oil's "Royal Gorge #1") is flowing at a rate of 100 bbpd from der Pierre Fmt. since Feb 2005.

    - The Florence wells will have up to 5 additional target zones.

    - COI has plannend a 10 well program at Florence in the first year but they have up to 50 more drilling location afterwards. Each well takes only 10 days for drilling and completion.

    - From the December - CoperateFile - Interview with Comet Ridge's MD Andy Lydyard:

    Q: "[...] why do you belive that your Florence project can add significant value for shareholders when the exploration targets are generally only around the 200,000 barrel mark?

    MD Andy Lydyard:
    "This question has been rised a couple of times after our recent AGM. The exploration target per well is around 200,000 barrels. At this point in time we are permitting 10 wells, but have an inventory of over 50 more locations that could be drilled if the inital round of wells proves successful. By the way, the 200,000 barrels is worth $17 million based on current oil prices. Also the 200,000 barrels only adresses potential oil in the Pierre Formation. We have five other objectives at Florence including the Niobrara and Sharon Springs (fractured shales) and Codell, Dakota and Lytle sandstones. These targets are very lightly drilled and offer significant upside potential. If successful, these are highly economic wells offering significant cash flow to the company.

    Beyond the Florence project specifically, the 3D seismic we acquired earlier this year has provided us with unique insight into the controls on production in the old Florence field. This has lead to Comet Ridge's technical team developing a new geological concept that is potentially applicable up and down the Rockies. Florence, as with all of the plays we pursue, is part of a bigger picture, namely developing a tool set that provides the Company with a competitive advantage over a large area."

    - STX holds around 9% of Comet Ridge.

    * Tow Creek (STX 37,5%) / Bear River (STX 33,75%)

    - COI is actively seeking a partner to drill two wells (i.a. a second sidetrack for CVU 31-4) - a "farmdown" is probably in short term; perhaps drilling starts at the end of Q2.

    - In particular the "Coal View 31-4" well at Tow Creek was very encouraging - COI reported:
    "stong oil- and gas shows recorded over fractured intervalls within the Niobrara in both the original well bore and sidetrack" and
    "significant oil and gas shows in fractures in the target Niobrara Fmt. These shows warrant another attempt to drill and complete the well".

    ... all these activities in the first halfyear 2008 ...

    I think STX needs more PR - 'hope that Simon Ashton will meet the press and the brokers soon ...
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