STX 1.59% 31.0¢ strike energy limited

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    Blade appoints Tristone Capital as advisor in exploring options to fund Cadlao re-development

    Blade Petroleum announces that it has appointed Tristone Capital Limited as exclusive advisor in exploring options to fund the re-development of the Cadlao Oil Field located in Service Contract 6 (Cadlao), in the Republic of the Philippines, in which Blade holds an 80% participating interest and Operatorship.

    The Cadlao Oil Field provides the opportunity to participate in a near term re-development which is set to deliver first oil in 2010. Expected production is over 3 MMbbl in the first year. Further opportunities are likely in the area.

    Cadlao Oil Field Re-development

    * Significant oil accumulation with mid case STOIIP of 38 MMbbl (gross) of 47 API crude.

    * Re-mapped reservoir (on 3D) indicating the original producers were sub-optimally positioned on 2D data, leaving significant attic oil.
    * Field previously produced over 11 MMbbls by natural flow (Amoco: 1981 1991).
    * Remaining estimated reserves independently assessed by RISC (2008) of 6.32 MMbbl 2P and 7.8 MMbbl 3P gross entitlement.
    * Phased development based on FID in Q1 2009 and first oil in Q3 2010 at rates in excess of 16,000 bopd.

    * Two wells followed by up to 3 more after 6 months.
    * Low cost FPSO based development.
    * Minimal facilities due to high quality crude, very strong aquifer, limited gas.
    * Jack-up rig to drill from compact wellhead platform installed on a shallow subsea mound in 20m water.
    * Two exploration wells planned to target nearby prospects for early hook-up or tie-back.

    Opportunity Highlights

    * Rapid investment-to-production opportunity delivering an estimated 3 MMbbl within 12 months of first oil.
    * Potential for Cadlao field to act as development hub for the surrounding area, to capture development of several discoveries on which Blade is negotiating options to operate/participate.
    * Other near-field discoveries awaiting development.
    * Independently assessed West Cadlao prospect having Prospective Resource of 8.0 MMbbl (MBA, 2007).
    * A further opportunity, Prospect A, is estimated by Blade to contain prospective resources of 2.8 MMbbl.
    * Attractive fiscal regime and strong support for the development from the authorities in the Philippines (70% cost recovery against oil production revenues, with opportunity for 100% cost recovery in first 6 months under an incentive scheme).
    * Local Philippines partner company (VenturOil having 20% participating interest) affords significant local value.

    Obviously Tristone Capital found a willing funder in Strike :o)

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