STX 3.70% 26.0¢ strike energy limited

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    Study boosts Strike’s Gulf Oil trove

    By Upstream staff

    Australia’s Strike Oil said an independent evaluation of drilling results to date at its Rayburn structure on the Texas Gulf Coast had confirmed initial estimates of prospective gas reserves in the Wilcox layers of about 500 billion cubic feet.

    Strike said results from wells that have so far tested less than 20% of potential pay zones in the upper, middle and lower Wilcox levels showed prospective resource potential of more than 400 Bcf plus substantial oil condensate volumes.

    The study, by independent consultant Netherland Sewell & Associates, considered results from five producing wells at Rayburn and four producers from Strike’s nearby Mesquite project.

    The study estimated total proved reserves of 38.9 Bcf of gas and 770,000 barrels of condensate, or a total of 46.6 billion cubic feet of natural gas equivalent.

    Probable reserves were estimated at 33.1 Bcf and 646,000 barrels of condensate for a total 39.6 Bcfe.

    Proved and probable reserves net to Strike were a total 19.3 Bcfe.

    Strike said 80% of proved reserves at the field were already developed and required little further investment.

    The company said it estimated total unrisked prospective gas reserves in the Wilcox at both Rayburn and at the Tumbleweed prospect at Mesquite were estimated at 375 Bcf, or 88 Bcf net to Strike.

    Strike is developing the Rayburn and Mesquite fields together with its US partner Cypress E&P, which operates the assets. Strike holds a 22.8% working interest at Rayburn and a 26.25% stake at Mesquite.

    The existing wells at both fields are currently producing at an average 46 million cubic feet of gas and 1160 barrels of condensate per day. The wells have so far produced a cumulative 9.4 Bcf of gas and 187,000 barrels of condensate.

    Strike also said the partners were considering bringing in a second lighter rig to test shallower potential pay zones in the overlying Cook Mountain formation at Rayburn, struck while drilling to test the Wilcox levels.

    The work, which is set to start this month, will include new drilling as well as some recompletions of existing wells.

    Strike said it now believed it had total net unrisked prospective gas reserves of 240 Bcf at all its Gulf Coast assets.
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